EUR/USD

4 hour

The EUR/USD bullish bounce at support (green) managed to reach the opposite side of the wedge (red resistance). The 61.8% Fibonacci resistance level caused price to build a bearish bounce, which either completes a wave X (blue) or starts a bullish zigzag (green A) within wave X (blue).

1 hour

The EUR/USD seems to have completed wave 5 (orange) which increases the chance of a bullish ABC zigzag (green) within wave X (blue). The Fibonacci levels of wave B (blue) vs A are expected to act as support with a break below the 100% level indicating an invalidation and continuation within wave Y (purple).

GBP/USD

4 hour

The GBP/USD is completing either a wave 3 (green) or wave d (purple) of a larger ABCDE contracting triangle (purple). A break above the 50% Fibonacci level of wave 4 (green) vs 3 and resistance trend line (red) invalidates wave 4 (green) and increases the chances of a wave d and e (purple). So far, price has turned exactly at the 50% Fib and trend line but a break below support (green) is needed before a wave 3 (pink) continuation becomes more likely.

1 hour

The GBP/USD has turned at resistance (red/Fib) and broken below the support trend line (dotted green).

USD/JPY

4 hour

The USD/JPY has made a bullish bounce at the 78.6% Fibonacci level and previous bottom (green). A bullish breakout above the downtrend channel (red) indicates the potential for a trend reversal. However, a break below the 100% Fib level of wave 2 (purple) vs 1 invalidates the bullish wave 1-2 (purple) and indicates a continuation of the downtrend (red line).

1 hour

The USD/JPY bullish bounce could be the first indication of a new trend direction (wave 1 blue).