EUR/USD Bearish Divergence Creates Bullish Break above 1.06
EUR/USD
4 hour
The EUR/USD is finally breaking above the resistance trendline (dotted red) after having built divergence between the bottoms (purple line). This bullish breakout could spark a retracement within wave 2 vs 1 (green).
1 hour
The EUR/USD built a corrective ABC (pink) zigzag as expected to the Fibonacci levels of wave X (orange). Price turned at the 61.8% Fibonacci support level and then broke above the mini trendline (dotted orange). Price is now probably heading towards 1.07, which is the 38.2% Fib of wave 2 vs 1 on the 4 hour chart.
GBP/USD
4 hour
The GBP/USD bullish breakout is still pushing to higher levels within a wave Y (blue), but the price is approaching larger resistance levels (brown/red). This decision zone could see a bearish bounce and turn, whereas a break above the previous top of the triangle (red line) would invalidate wave E (green).
1 hour
The GBP/USD is probably building another 5 wave pattern (purple) within wave 5 (pink). The wave 4 (purple) is invalidated if the price manages to retrace deeper than the top of wave 1 (green line).
USD/JPY
4 hour
The USD/JPY bearish breakout is so far not showing any signs of slowing down, despite the fact that price is near a 50% Fibonacci level of wave 4 (purple). A strong push below 109 would make a continuation towards the 61.8% Fibonacci retracement likely (plus a new wave structure).
1 hour
The USD/JPY could soon show divergence between the two bottom, which is typical for a wave 3 and 5 wave structure (purple). Price has also reached the bottom of the channel (green line), which could act as a support level. A bullish bounce above 108.50 could still be considered a reaction to the 50% Fibonacci level of wave 4 vs 3.
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EUR/USD
4 hour
![13-04-2017eu4.png](/forum/proxy.php?image=https%3A%2F%2Fs8.postimg.org%2Ff7cj7m82d%2F13-04-2017eu4.png&hash=b06dfa2ded2d58608a8e79d142c897b8)
The EUR/USD is finally breaking above the resistance trendline (dotted red) after having built divergence between the bottoms (purple line). This bullish breakout could spark a retracement within wave 2 vs 1 (green).
1 hour
![13-04-2017eu1.png](/forum/proxy.php?image=https%3A%2F%2Fs14.postimg.org%2Fea4lq2wqp%2F13-04-2017eu1.png&hash=f48a89a9651f96a4edf05d2e3cc88e05)
The EUR/USD built a corrective ABC (pink) zigzag as expected to the Fibonacci levels of wave X (orange). Price turned at the 61.8% Fibonacci support level and then broke above the mini trendline (dotted orange). Price is now probably heading towards 1.07, which is the 38.2% Fib of wave 2 vs 1 on the 4 hour chart.
GBP/USD
4 hour
![13-04-2017gu4.png](/forum/proxy.php?image=https%3A%2F%2Fs8.postimg.org%2Fp4dt8z64l%2F13-04-2017gu4.png&hash=cabaf83ca50f9d27db3e43b21c702bb5)
The GBP/USD bullish breakout is still pushing to higher levels within a wave Y (blue), but the price is approaching larger resistance levels (brown/red). This decision zone could see a bearish bounce and turn, whereas a break above the previous top of the triangle (red line) would invalidate wave E (green).
1 hour
![13-04-2017gu1.png](/forum/proxy.php?image=https%3A%2F%2Fs14.postimg.org%2Fysvgo1poh%2F13-04-2017gu1.png&hash=a85bca2e4396394217ae76ac258238da)
The GBP/USD is probably building another 5 wave pattern (purple) within wave 5 (pink). The wave 4 (purple) is invalidated if the price manages to retrace deeper than the top of wave 1 (green line).
USD/JPY
4 hour
![13-04-2017uj4.png](/forum/proxy.php?image=https%3A%2F%2Fs23.postimg.org%2F4we5bwktn%2F13-04-2017uj4.png&hash=d32d5881064254c122d61725b73191d1)
The USD/JPY bearish breakout is so far not showing any signs of slowing down, despite the fact that price is near a 50% Fibonacci level of wave 4 (purple). A strong push below 109 would make a continuation towards the 61.8% Fibonacci retracement likely (plus a new wave structure).
1 hour
![13-04-2017uj1.png](/forum/proxy.php?image=https%3A%2F%2Fs7.postimg.org%2F5f13ce1h7%2F13-04-2017uj1.png&hash=fde47c8f0d3ba8f3c1e67d98dedcb5e3)
The USD/JPY could soon show divergence between the two bottom, which is typical for a wave 3 and 5 wave structure (purple). Price has also reached the bottom of the channel (green line), which could act as a support level. A bullish bounce above 108.50 could still be considered a reaction to the 50% Fibonacci level of wave 4 vs 3.
Follow @ChrisSvorcik on twitter for latest market updates