7 June, 2016
The EUR/USD showed strong bullish price action, which increases the chance of a bullish ABC zigzag (orange).
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 GBP/USD bounced at the long-term support trend line (green). Price is now approaching a resistance zone (red). A break above it could see price rally within a wave 2 (blue). A break above the 100% Fibonacci level invalidates the wave 2.
The GBP/USD is probably seeing a development of an expanded wave 2 (blue) via a WXY (pink). The wave count has been changed because wave X stayed above the 138.2% Fibonacci level and due to the strong bullish correction which has taken price to the 61.8% Fib of 'Y vs W'.
The USD/JPY wave 2 (purple) has been marked as complete because price is trying to break above the resistance trend line (red). A break above this trend line (red) and resistance zone (orange) could see price rally for a wave 3 (purple).
The USD/JPY is showing higher highs and higher lows again, which makes a downtrend less likely. Price would need to break below the support trend line (green) before a bullish outlook is invalidated.
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 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 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)...
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...
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