Tue, Sep 27, 2022 @ 05:32 GMT
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Daily Technical Analysis: EUR/USD Builds Wave 4 Correction With Strong Support Zone

Currency pair EUR/USD

The EUR/USD break above resistance (dotted lines) is showing strong bullish momentum. Price is approaching Fibonacci targets of wave 5 (purple) which could complete wave 3 (green).

The EUR/USD is building a triangle correction (red/blue lines) within a wave 4 (brown). The Fibonacci levels of wave 4 vs 3 could act as potential support levels. A break above the resistance could start wave 5 (brown) whereas a break below the support (green) makes a wave 4 less likely.

Currency pair USD/JPY

The USD/JPY is in a bullish trend channel which is indicated by the support (blue) and resistance (red) trend lines. A break above the channel could see a wave 3 (purple) develop within a larger wave C (brown) zigzag.

The USD/JPY potential break above the resistance (red) and top could indicate a wave 3 (purple) continuation.

Currency pair GBP/USD

The GBP/USD is showing strong bullish momentum as price approaches the 1.30 round level resistance, which could be explained by a wave 3 (orange/blue) impulse.

The GBP/USD is building a correction within a potential wave 4 (purple). A bullish continuation could complete wave 4 and 5 (purple) within wave 3 (orange).

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