Mtrading - Analytics

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    EUR/USD, GBP/USD start trading week with impulsive breakouts

    June 20, 2016 06:00

     

    EUR/USD

    4 hour

    The EUR/USD bullish bounce has reached a resistance trend line (red). The bullish momentum is in control at the moment and a breakout now or later this week seems most likely. The Fibonacci levels are targets for the breakout.

    1 hour

    The EUR/USD is near the 78.6% Fibonacci target which could cause price to pause and build a chart pattern such as a contracting triangle.

    GBP/USD

    4 hour

    The GBP/USD has broken several resistance trend lines (dotted orange/red) since the bullish bounce after completing wave X (blue).

    1 hour

    The GBP/USD Fibonacci targets could stop the wave 3 (green) and start a sideways correction as part of wave 4 (green).

    USD/JPY

    4 hour

    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).

    1 hour

    The USD/JPY is building a bear flag which took price to the 38.2%-50% Fibonacci retracement levels. 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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