Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts.
The EUR/USD remains in a wave 2 (green) unless price breaks above the invalidation level which is the 100% Fibonacci at 1.13. A break above this invalidation level could indicate that the wave 5 and C have been completed at the low.
The EUR/USD could be building a retracement as part of a wave 2 (green). A bearish breakout could confirm a wave 3 (green) within a wave 5 (blue) but a bullish breakout above 1.13 would change the wave structure.
The EUR/USD is potentially building a larger correction between support (blue) and resistance (orange).
The GBP/USD is building a triangle pattern (red/green). The breakout direction could depend on the UK elections which are held on Thursday 8 June.
The GBP/USD weekly chart is showing a sideways consolidation within a larger downtrend. Price is most likely building a bullish retracement to the resistance levels (red/orange) but a break above those resistance levels would change the wave structure.
The GBP/USD has been in a downtrend as part of an ABC bearish zigzag (green), which could be completed if price manages to break the resistance on the weekly chart.
The USD/JPY is building an ABC (orange) within a larger ABC (brown). A break above the resistance trend line (red) indicates that the wave B (brown) has been completed whereas a break below support (green) indicates that the wave B (brown) is still open. The Fibonacci levels however could act as potential support.
The USD/JPY is retracing back to the Fib levels of wave B (brown) and could be building a larger ABC (brown) correction back to resistance trend line (red).
The USD/JPY is building a triangle correction (red/green lines) or correcting towards the Fibonacci levels of wave B (green).