The EUR/USD broke the support trend line (dotted green) after yesterday's strong bearish 4 hour candle appeared. From a long-term perspective price is still above key support such as the daily trend line (solid green).
The EUR/USD seems to be building a bearish 5 wave (green) within wave C. A break of support (green) could see an extension of the 5 th wave towards the Fibonacci targets. A break above resistance (red) increases the chance of a bullish momentum to the next resistance (orange) and the completion of the C wave (blue).
The GBP/USD is respecting a support trend line (green) and approaching a key Fibonacci level. For the moment price action remains marked as a corrective ABC (green) 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 managed to post a lower low with the momentum is decreasing which is confirmed by the shallow angled support trend line (green). A break above resistance (orange) marks the completion of wave C (green). A break of the inner support (blue) could see price make one more (last) push towards the 161.8% Fibonacci level before a bullish bounces becomes increasingly likely.
The USD/JPY was not able to break below the bottom yesterday but a break below the 100% level still invalidates the wave 1-2 (purple) structure. Price has grudgingly broken above the resistance trend line (dotted red) but has so far shown little bullish momentum.
The USD/JPY therefore needs to break above the next resistance (orange) before a bullish momentum becomes more likely.
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