EUR/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD bounced at the deep Fibonacci retracement level of 78.6% within a wave 2 (purple). A break above the 100% level invalidates wave 2 (purple) and indicates a large and complex correction. In that case the wave count will be changed to reflect the corrective zone. A break below support could still confirm the potential waves 3 (purple/brown) but sufficient momentum must be visible in the breakouts.
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD has clear resistance (red/Fib) and support levels above and below price. A bearish break could start the impulsive waves (purple/blue) whereas a bullish breakout would indicate an ABC correction (purple).
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EUR/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD is testing the resistance trend line (red). A breakout above resistance could see price move towards the wave E (green) of wave 4 (blue), which has been added due to the lack of a bearish breakout. The consolidation zone on the daily chart is lengthy and suggests a contracting triangle chart pattern (ABCDE brown).
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD showed bullish momentum above the broken trend line (dotted red). Price is building an ABC bullish zigzag (blue) unless price breaks below the 100% Fibonacci level of wave B.
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EUR/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD broke the resistance trend line (dotted) as expected in yesterday's wave analysis. The bullish move is part of a larger contracting triangle chart pattern (ABCDE green).
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD broke the resistance (dotted) with strong momentum, which could indicate that it was a wave 3 (orange). In that case a wave 4 and 5 (orange) could unfold soon. The wave 4 (orange) structure is invalidated if price moves below the 78.6% Fibonacci level of wave 4 vs 3.
EUR/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD is in a bullish momentum which is part of a larger contracting triangle chart pattern (ABCDE green).
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD showed a retracement back towards the 50% and 61.8% Fibonacci retracement level which completed wave 4 (orange). The wave 5 (orange) is heading towards the Fibonacci targets.
GBP/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). A break below the previous bottom (green) is needed before an extension of the downtrend is confirmed.
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD indeed completed a wave B (green) correction and is moving higher as part of the wave C (green). A break of the resistance trend line (orange) or retest and bounce at the support trend line (green) could lead to bullish continuation towards the Fibonacci targets.
EUR/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD continued its strong bullish momentum yesterday and throughout the week. This seems to have completed an impulsive wave 3 (green) and one more push higher (wave 5 green) could occur if a corrective wave 4 (green) pattern develops.
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD could bounce at the Fibonacci levels of wave 4 (green). A break below the 61.8% Fibonacci level and trend line (green) invalidates the wave 4 (green).
GBP/USD
4 hour https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). Price has not reached the 61.8% Fibonacci level of wave 2 vs 1 but a break above the 100% Fib level invalidates the pink 1-2. A break below the previous bottom (green) is needed before an extension of the downtrend is confirmed.
1 hour https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD broke the resistance trend line (orange) yesterday and showed bullish impulsiveness as expected within the wave C (green) zigzag. Price could now bounce at the Fibonacci levels of wave 4 (blue) but a break below the 61.8% Fibonacci level, however, invalidates the wave 4 (green).