What is Next After Bullish EUR/USD Reaches 1.25?

Януари 26, 2018 07:30

EUR/USD

4 hour

The EUR/USD bullish breakout has reached the main target at 1.25 as mentioned in our analysis throughout the week. Price bounced at the round 1.25 level and trend line (orange) but the bearish price action could be just a pullback within a larger wave 3 (pink).

1 hour

The EUR/USD already bounced at the 23.6% Fibonacci level of wave 4 (green) but the bearish price action lead to a potential bearish ABC (blue) zigzag or flat.

GBP/USD

4 hour

The GBP/USD managed to reach 1.43 before making a strong bearish retracement. The bullish price action has been labelled as a wave 3 (green) due to its significant momentum. The current pullback could therefore find support at the Fibonacci levels of wave 4 vs 3.

1 hour

The GBP/USD already bounced at the 23.6% Fibonacci level of wave 4 (green) but the bearish price action lead to a potential bearish ABC (blue) zigzag or flat.

USD/JPY

4 hour

The USD/JPY has reached and bounced at the -61.8% Fibonacci target. The bullish bounce could indicate a reversal and completion of wave B or 2 (light purple).

1 hour

If the USD/JPY is building a reversal, then price could be in a wave 1-2 (blue) and it would not break the bottom of wave 1 which is the 100% Fibonacci level of wave 2 vs 1.

Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest Forex and education tips.

Wave analysis ebook