EUR/USD
The EUR/USD is retesting the previous bottom near 1.15, which is a critical decision zone for a bullish bounce or bearish breakout. A bull reversal confirms the larger WXY (pink) reversal within wave B (light purple) whereas a bear break indicates a wave pattern change. In that case, wave 4-5 (pink) within wave A (light purple) is still open.
Daily chart:
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red).
Weekly chart:
The EUR/USD has completed wave A (red) and price is most likely retracing to the Fibonacci levels of wave B (red).
Monthly chart:
GBP/USD
The GBP/USD remains in a downtrend channel but price is now challenging a key support trend line (green). A bullish bounce could confirm the potential WXY (purple) correction within wave 2 (pink) whereas a bearish break below the Fibonacci levels of wave X vs W invalidates the correction and makes a downtrend likely.
Daily chart:
The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.
Weekly chart
The GBP/USD bearish breakout is probably indicating the start of wave 5 (purple) whereas a bullish break above resistance (red) indicates that a different wave pattern is valid.
Monthly chart:
USD/JPY
The USD/JPY is probably building a bearish ABC (red) within the final leg of the triangle pattern, which is wave E (light purple).
Daily chart:
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
Weekly chart:
The USD/JPY is in the wave E (light purple) of the triangle pattern.
Monthly chart:
