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EUR/USD and GBP/USD retracing in waves to Fibonacci levels

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD retraced back to the 78.6% Fibonacci retracement of the wave X (purple) correction. The wave count is vulnerable to change if price breaks below this level. 1 hour The EUR/USD could have completed an ABC bearish zigzag (orange) down towards the wave X (purple) but a break above resistance is needed before the completion of the ABC becomes more likely. GBP/USD 4 hour The GBP/USD seems to have completed a wave 3 (pink). Price could now be starting a wave 4 (pink)

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