Currency pair EUR/USD
EUR/USD retraced back to and bounced at the 1.1750 support level. Price then broke above the resistance trend line (dotted red) and therefore could be extending the wave 3 (pink).
The EUR/USD bounced at the 50% Fibonacci level of wave 4 (purple). There could be a wave 5 (purple) continuation as long as price stays above the support trend line (blue).
Currency pair GBP/USD
The GBP/USD broke above the resistance (dotted orange) trend line and moved up to retest the higher Fibonacci level at 1.3260. A breakout above the top (100% Fib) or below the support trend line (green) is needed before a larger directional move can be expected.
The GBP/USD has expanded the choppy correction via a complex correction of WXY (green) and price has now reached the top of the channel (red), which could create a bearish bounce back to test the bottom of the channel.
Currency pair USD/JPY
The USD/JPY’s is moving lower as part of wave 2 or wave B (light purple). The 38.2% Fibonacci support level could be the next target of the bearish price action at 111.83.
The USD/JPY completed an ABC (blue) within wave B (blue) and broke below support (dotted blue) to continue with wave C (blue). Price is now building a falling wedge chart pattern (green/red lines). Price will need to break below support if it is able to accelerate the downtrend.
