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US Dollar Fails To Reverse Bearish Trend

Currency pair EUR/USD

The US Dollar is struggling to show any signs of strength as the EUR/USD keeps pushing higher and higher in a bullish trend channel (red/blue lines). A push above the horizontal resistance (orange) invalidates the wave 2 (purple), which seems likely at the moment when considering deep bullish retracement.

The EUR/USD broke the resistance trend line (dotted red) of the contracting. A break above the resistance could see price move higher within a wave 5 (purple) towards the Fibonacci targets of wave 5 vs 1+3.

Currency pair GBP/USD

After bouncing at the wave X (blue), the GBP/USD has reached the 61.8% Fibonacci level at 1.25 of a wave E (green) triangle formation. A bullish breakout could see the GBP/USD continue towards the 78.6% Fibonacci resistance level.

The GBP/USD completed the ABC zigzag (orange) within wave X (blue). A retracement could see price challenge and potentially bounce at the Fibonacci levels wave B vs A.

Currency pair USD/JPY

The USD/JPY broke below the bottom (dotted blue) which has changed the wave structure compared to yesterday. The wave 1-2 has been replaced by an ABC (brown) zigzag within wave X (blue). The bearish correction could see a fall from the 383.2% Fibonacci level towards the 50% Fib.

The USD/JPY could be building a 5 wave (purple/orange) within a larger wave A (brown).

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