EUR/USD Prepared for Bullish ABC Zigzag Pattern

Siječanj 17, 2017 04:00

EUR/USD

4 hour

The EUR/USD bounced at the 50% Fibonacci retracement of wave B vs A and it seems to be completing an ABC (green) zigzag within a wave 2 correction (brown). The wave 2 (brown) is invalidated if price breaks above the 100% Fibonacci level of wave 2 vs 1.

1 hour

The EUR/USD broke above the resistance (dotted orange) of the choppy, corrective pattern and price could be heading towards the Fibonacci targets of wave C (green). A bull flag chart pattern should appear once the wave 3 (orange) has finished.

GBP/USD

4 hour

The GBP/USD downtrend is testing the low of the year 2016. A break below the support levels (blue/green) and psychological round level of 1,20 could see price test the Fibonacci targets.

1 hour

The GBP/USD bounced at the support trend lines (blue/green) and is now retracing within a wave 4 (brown). A break above the 50% Fib of wave 4 vs 3 would invalidate the wave 4 (brown).

USD/JPY

4 hour

The USD/JPY temporarily stopped the 23.6% Fibonacci retracement level of wave 4 (purple) but will probably retrace to the deeper 38.2% Fibonacci level.

1 hour

The USD/JPY is most likely building an ABC zigzag (brown) pattern. A break below support (green) could see price fall towards the Fib targets of wave C vs A.

Follow @ChrisSvorcik on twitter for latest market updates