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). For the moment this dip has been marked as wave X (purple) pullback and will be invalidated if price breaks below support and the 100% Fibonacci level.
The EUR/USD bearish momentum could be a wave 1 or wave A (blue). Once price starts to retrace the resistance Fibonacci levels and resistance trend line (red) could stop from a strong rally.
The GBP/USD showed slow and corrective bearish action which makes a wave WXY (green) pattern more likely. Price is at the 61.8% Fibonacci support level, which could cause a retracement or reversal. A break below the 100% Fibonacci level increases the chance of a long-term bearish breakout.
The GBP/USD is building a falling wedge chart pattern, which is a bullish reversal pattern. A break below the 61.8% Fib could see price fall to the 78.6% Fib. A break above the resistance trend lines (red) could spark the start of the wave Y (pink) rally.
The USD/JPY broke above the resistance trend line (red) which could mark the start of the wave 3 (purple) but break above a strong resistance zone (orange) would confirm it. A break below the bottom (100%) invalidates the wave 1-2 (purple) structure.
The USD/JPY seems to have completed the C wave (blue). More confirmation will be obtained depending on whether the bullish price action unfolds in 5 waves and shows decent momentum. In that case a wave 1-2 (blue) structure could be unfolding.Publication source