The current bearish momentum has been marked as a retracement for a wave X (purple), but this wave structure is invalidated if price manages to break below the long-term support trend line (green) and 100% Fibonacci level. The 61.8% and 78.6% Fibonacci retracement levels could become bullish bounce spots.
The EUR/USD bearish momentum seems to be building an ABC zigzag (blue) within wave X (purple).
The GBP/USD broke below the support trend line (dotted green). For the moment price action remains marked as corrective unless price manages to break below the 161.8% target, which makes a 123 wave pattern more likely than the current ABC (green).
The GBP/USD broke the support of the normally bullish falling wedge chart pattern. The bearish momentum saw price accelerate quickly towards the Fibonacci levels. Price seems to be in a spot where it could make one more bearish fall for wave 5 (blue).
The USD/JPY is not able to show a strong bullish rally at the 88.6% Fibonacci level either. A break below the 100% level invalidates the wave 1-2 (purple) structure.
The USD/JPY is testing a support trend line (green). A break below it could see price challenge the 100% Fib level of the 4 hour chart. A break above resistance could start a reversal.
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