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EURUSD & GBPUSD Decline Sharply after Bullish Rally

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD is expanding the wave X (brown) correction via WXY’s (blue/purple). 1 hour Yesterday the EUR/USD saw a bullish rally (wave X green) that was unable to break above resistance (orange). For the moment a bearish zigzag (orange) seems possible. The invalidation level is the trend line and 100% Fibonacci level. GBP/USD 4 hour The GBP/USD downtrend channel (red/green) is accelerating the bearish structure of the Cable. Price can keep falling towards the Fibonacci targets

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