Currency pair EUR/USD
The EUR/USDis now challenging the previous top (red). A bullish breakout would confirm the development of a wave 3 (blue) of a wave 5 (purple). A failure to break could indicate a bullish ABC rather than a 123. In that case the correction could take price below the support trend line (blue).
The EUR/USD is building a small pause within the larger uptrend. The pattern could be a full flag and hence also a wave 4 (green). A bullish breakout could indicate uptrend continuation whereas a break below the 61.8% Fib and support trend line (blue) from the top of wave 1 invalidates the current 5 wave (green).
Currency pair GBP/USD
The GBP/USDis building a bullish channel (purple lines) which is testing the previous top. A break below the channel could indicate a larger wave 4 (green) whereas a break above the resistance (red) could indicate uptrend continuation.
The GBP/USD is losing a little bit of its bullish momentum. Price would need to break above resistance (red) to make a bullish break towards the Fib levels of wave 3 (blue) more likely.
Currency pair USD/JPY
The USD/JPYis still testinga larger resistance trend line (red) of the downtrend channel.
The USD/JPY bullish breakout could confirmthe development of a potential wave 3 (purple) if price manages to break above the resistance trend line (red).
.%20A%20bullish%20breakout%20would%20confirm%20the%20development%20of%20a%20wave%203%20(blue)%20of%20a%20wave%205%20(purple).%20A%20failure%20to%20break%20could%20indicate%20a%20bullish%20ABC%20rather%20than%20a%20123.%20In%20that%20case%20the%20correction%20could%20take%20price%20below%20the%20support%20trend%20line%20(blue).){kind=link}