The EUR/USD showed a bullish bounce as part of a wave X (purple). Price now needs to break above resistance (orange/red) for a wave Y (purple/brown) continuation to take place.
The EUR/USD did not break below the 61.8% Fibonacci target and therefore did not extend the bearish 5th wave. The bullish move has decent momentum and has been labelled as a wave A (blue). The Fibonacci levels of wave B (blue) are expected to act as support. A break below the 100% Fib level invalidates the AB structure whereas a bullish break above the resistance line (orange) confirms the start of wave C.
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 break above resistance (red) marks the completion of wave 2 (green) and continuation of wave A (pink). 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 finally managed to break below the bottom (100% Fib) and support trend line (dotted green) yesterday, which indicates the break of the monthly 38.2% Fibonacci support and a new wave structure. Price has now space to fall to the 50% of the monthly chart. The USD/JPY seems to be doing that via a bearish ABC (blue).
The USD/JPY is accelerating the bearish momentum via wave 3 (green/pink) within wave C (blue).
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