13 May, 2016
The EUR/USD broke the internal resistance trend line (dotted orange) and made a move up to the 38.2% Fibonacci level of wave B (blue). Price is now challenging the long-term support trend line (green). A bearish break below support could the continuation of wave C (blue) or alternatively a wave 3. A bullish break above resistance (red) could price move towards the 50% Fib.
The EUR/USD is in a contracting triangle. Whether the wave B (blue) is completed depends on whether price can break below the wave B vs A Fibonacci levels. A bounce at support could see price rally via an ABC (green) within wave B (blue).
The GBP/USD is respecting a long-term key support trend line (green). A break of the support trend line would confirm the downtrend on the GBP/USD whereas a break of the 2 resistance trend lines (orange-red) could indicate the start of bigger correction within wave B (pink). The ABC could also turn out to be a 123 if price can break below the long-term trend support (dark green).
The GBP/USD is in a contracting triangle and channel at the same time. A bullish break above resistance (red-orange) could expand the correction within wave B. For the moment price might use the Fibonacci levels of wave X (green) to enlarge the correction, just like it yesterday when the wave Y (green) bounced at the trend line towards the 38.2% Fibonacci level.
The USD/JPY break above the 161.8% Fibonacci target favors a wave 3 (purple) whereas a bearish break below the support trend line (blue) makes a wave C (pink) more likely.
The USD/JPY indeed bounced at the 50% Fibonacci level. Whether wave 5 has been completed depends if price breaks below the origin of wave 5 at 108.30 or whether there is a bullish break above resistance (orange).
The EUR/USD has broken long-term support levels (dotted green) but still has important and decisive horizontals levels to break before a wave 5 (blue) of wave C (purple) can be confirmed...
The GBP/USD managed to break the resistance trend line (dotted red) despite the British vote on the EU membership taking place today (Thursday June 23rd). The bullish price action is most likely reflecting a reaction towards the opinion polls...
The EUR/USD has made a slight bearish bounce at the resistance trend line (red). The bullish momentum, however, is still in control and a breakout could see price move towards the Fibonacci levels. Of course, all currency pairs will be impacted by the British vote on Thursday June 23rd...
The EUR/USD broke the support trend line (dotted green) after yesterday's strong bearish 4 hour candle appeared. From a long-term perspective price is still above key support such as the daily trend line (solid green)...
The EUR/USD did not manage to break above the 61.8% Fibonacci resistance level and instead broke below the support trend line (dotted green). This bearish breakout has seen strong momentum but price is still above long-term support (green)...
The EUR/USD retraced back to the 23.6% Fibonacci level of wave B (orange) and could now be building a channel (red/blue). A break below the channel could indicate that price is retracing back to the 38.2% Fibonacci level...
The EUR/USD is pausing at the 100% Fibonacci level of wave C versus wave A. Wave C (blue) corrections are typically equal to the length of wave A so a break below the 100% Fib target increases the likelihood of a potential wave 3 (purple)...
The EUR/USD broke below the horizontal support (dotted blue) as the bearish channel maintains its momentum to the 100% Fibonacci level. Wave C corrections are typically equal to the length of wave A so a break below the 100% Fib target increases the likelihood of a potential wave 3...
The EUR/USD broke above the resistance trend lines (dotted red), which makes it likely that a swing high and swing low was completed at the trend line...