The EUR/USD showed a strong bullish bounce last week Friday. The bullish price action confirmed the development of an ABC correction (purple), which has completed a wave X (brown) at the 50% Fibonacci support level.
The EUR/USD bullish momentum is very strong which makes a bullish continuation likely via an ABC zigzag (orange). The Fibonacci levels of wave B (orange) are potential support areas.
The GBP/USD showed a bullish rally as well, but price quickly turned back in a bearish mode when price hit the 61.8% Fibonacci resistance level. Price needs to break the support trend line (green) before a wave 3 could continue. A push below the 161.8% Fibonacci target of 3 vs 1 is needed before the wave 3 (blue) is confirmed.
The GBP/USD broke the resistance trend line (dotted red) and made a wave C (pink) rally within wave 2 (blue). Price quickly reverted and is building an impulse within wave 3 (blue).
The USD/JPY fell quickly in a very bearish impulse and has now arrived at the 78.6% Fibonacci support level. A break below the 100% level of 2 vs 1 invalidates the wave 2 (purple).
The USD/JPY needs to break above the resistance trend line (red) before the chances increase that a wave 2 (purple) has been completed. The strong bearish momentum has been labelled a wave 3 (brown) and the Fibonacci levels could be a turning spot for a wave 4 retracement (brown).
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