The EUR/USD is not able to break below horizontal support (green line) and a larger correction within wave 2 (brown) via a WXY (purple) seems likely. Price needs to break below the 1.08 support level (light green) before a bigger wave 3 (green) continuation could occur. A break above the 100% Fib at 1.1428 invalidates wave 2 (brown).
The EUR/USD seems to be building a bullish zigzag (blue) after completing a wave X (purple)
The GBP/USD has not continued with its bearish breakout yesterday and is building a bullish retracement. As the 1 hour chart shows, there is still space for further GBP weakness and a continuation of the wave 5 (blue).
The GBP/USD indeed is building a consolidation at the 1.28 round level as mentioned in yesterday's wave analysis. A wave 4 (green) retracement usually stops at the 38.2% or 50% Fibonacci levels. A break above the 61.8% makes a wave 4 less likely and a break above the 78.6% invalidates the current wave structure. A break below the support trend line (green) could start the bearish breakout for start of wave 5 (green) of wave 3 (pink).
An USD/JPY break below the 78.6% Fib and 100 round level increases the chances of a bearish breakout towards the 61.8% Fibonacci support of wave 'B vs A' at 95 whereas a bullish bounce at or above 100 could indicate a larger wave B (green) or a change of wave structure (if price is above 100% at 106.84).
The support (green) and resistance (orange) trend lines are important boundaries for a potential bearish continuation or bigger bullish correction. The wave 4 (pink) is invalidated if price breaks above the 78.6% Fibonacci resistance.
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