EUR/USD Approaches 1.2350 and Prepares for Bullish Breakout

EUR/USD

4 hour

The EUR/USD is trying to show a bullish breakout above the resistance trend line (dotted red), which would confirm a potential continuation of bullish wave 5 (purple). Price is probably in a wave 4 (purple) as long as price stays above support (green).

1 hour

The EUR/USD break above the tops (orange) could confirm the potential for a bullish breakout towards the Fib targets of wave 3 (blue). A strong bearish turn at 1.2475-1.25 could indicate that price has built an ABC rather than a 123.

GBP/USD

4 hour

The GBP/USD is building a triangle pattern. Price will need to break the S&R before a new trend can become visible.

1 hour

The GBP/USD is breaking through resistance (dotted red) which could indicate the potential for a bullish breakout.

USD/JPY

4 hour

The USD/JPY could be ready for one more push lower within wave 5 (green) if price manages to break below the support trend line (blue).

1 hour

The USD/JPY is building a sideways correction and is marked by support (blue) and resistance trend lines. A bullish breakout would probably invalidate wave 4 (orange) whereas a bearish break could indicate a downtrend continuation.

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