EUR/USD Bearish Targets in Vision When Applying Fibonacci

4 hour EURUSD: the momentum of wave 3 (green) keeps pushing price lower and lower. The Fibonacci targets of wave 5 suggest that price has more potential to fall as well. Lower time frames could indicate to the potential of a smaller pullback though.

60 min EURUSD: the wave 3 (blue) has accelerated substantially and has reached the 261.8% Fibonacci target. This level could be used to start the wave 4 and 5 (blue) of wave 3 (green).

GBPUSD

4 hour GBPUSD: whether the bearish price movement is indeed corrective remains to be seen and will partly depend on whether price will break below the 100% Fibonacci level or above resistance (orange).

60 min GBPUSD: one of the key factors is the support and resistance trend lines (green and orange).

USDJPY

4 hour USDJPY: price made a pullback to the broken resistance (dotted red) that has now turned into support levels.

60 min USDJPY: this was most likely part of wave 4 (red) and the wave 5 (red) could become extended.

Original Source – Admiral Markets