The EUR/USD developed one more bearish dip to fully hit the long-term support trend line (green) and the 78.6% Fibonacci level. A break below this trend line would indicate a long-term bearish breakout potential and has change the current wave structure.
The EUR/USD showed a strong bullish bounce again at the trend line (green). The bullish momentum is most likely a wave A (blue). However, price could easily respect the resistance trend line (orange) which could start a wave B retracement to the Fibonacci levels.
The GBP/USD showed the same pattern as the EUR/USD with a lower low followed by strong bullish momentum. The GBP/USD wave structure would change if price were to break below the current bottom and trend line at 1.40.
The GBP/USD is showing bullish momentum which is most likely a wave 1 (green). Fibonacci levels of wave 2 (green) could provide support.
The USD/JPY has space to fall to the 50% of the monthly chart. Price action is well on its way via a bearish ABC (blue).
The USD/JPY is building a bear flag which took price to the 38.2% Fibonacci retracement. A break below the flag could see price fall towards the Fibonacci targets. A break above the resistance trend line (red) before making a lower low invalidates the current wave 4 (pink).
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