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GBP/USD and USD/JPY Downtrends Display Lower Lows

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD 4 hour The EUR/USD showed a bullish bounce as it retraced lower, which seems likely to be a wave B (purple). Price is probably in wave C (purple) is now testing the resistance trend line (orange). 1 hour The EUR/USD could be making a 5 wave pattern (blue) within wave C (purple). GBP/USD 4 hour The GBP/USD downtrend is accelerating within the wave 5’s (pink/blue) and heading lower towards Fibonacci targets. 1 hour The GBP/USD is most likely in a wave 4 or 5 (blue) unless price breaks

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