The EUR/USD made a bearish turn at the 50% Fibonacci level of wave 2 (green) before breaking the support trend line (green) of the rising wedge chart pattern (green/orange lines). The bearish breakout is aligned with the bearish momentum (wave 1 green) and could therefore be the start of a wave 3 (green).
The EUR/USD shows that price is most likely making a hook back to the broken support trend line (dotted green). A break below the wave 1 (brown) bottom and 1.10 round level will confirm the continuation of waves 3 (brown/green).
The GBP/USD has pushed with a strong 4 hour candle below the bear flag (green line) chart pattern. The breakout will most likely have bearish implications and price could continue with its bearish momentum towards the next Fibonacci target.
A GBP/USD break below the bottom of wave 1 (green) and the 1.32 round level will confirm the continuation of waves 3 (brown/green). A break above the 100% Fib level invalidates wave 1-2 (green).
The USD/JPY is behaving correctively as it moves away from the bottom of the downtrend channel. This makes a wave B (green) the most likely scenario at the moment. Price would need to break above the 100% Fib level before waves Y (blue/brown) can be considered completed.
The USD/JPY is building a channel (red/green lines). A break above the pattern should see price stop at the Fibonacci retracement levels whereas a break below the support (green) should spark the breakout if the bears can keep control with good candle closes near the low.
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