EUR/USD Wave 2 Pullback at 1.1250 Resistance

June 19, 2017 06:00

EUR/USD

4 hour

The EUR/USD showed strong bearish momentum which is why it has been marked as a wave 1 (brown). However, price will need to break below the support trend line (blue) to confirm the end of the long-term uptrend.

1 hour

The EUR/USD is building a potential ABC (blue) zigzag within wave 2 (brown). A break above the 100% Fib level and resistance (red) invalidates the bearish reversal.

USD/JPY

4 hour

The USD/JPY seems to be building bullish momentum (orange 3) within wave C (brown) after breaking above the resistance trend line (red).

1 hour

The USD/JPY could have completed wave 3 (purple) and retraced back to the 38.2% Fibonacci level within the wave 4 (purple) correction.

GBP/USD

4 hour

The GBP/USD could be building a correction within wave 2 (blue). A bearish breakout below support (green) could confirm wave 3 (red) but a break above the 100% Fib level invalidates wave 2 (blue).

1 hour

The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.

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