EUR/USD
4 hour
The EUR/USD is in a bullish channel (blue lines) which could challenge the resistance trend lines. It is unclear whether price is in a wave 5 or in an expanded wave 4 at the moment, which depends on how price develops the bullish trend.
1 hour
The EUR/USD seems to be in a smaller wave 4 (purple) within the bullish channel. A break below the channel and 61.8% Fibonacci invalidates the wave 3 (pink).
GBP/USD
4 hour
The GBP/USD bullish channel (blue lines) has broken resistance of the bearish channel (dotted orange) but horizontal resistance and the Fibonacci levels of wave 4 (orange) still could turn price back down. A break above the 61.8% Fib makes a wave 4 less likely.
1 hour
The GBP/USD bearish break below the bullish channel (blue) could indicate the completion of wave 4 (orange) and the continuation of the downtrend.
USD/JPY
4 hour
The USD/JPY broke below the support trend line (dotted blue) and fell towards the 23.6% Fib, which in turn acted as a support. This could be a larger correction within wave 2 or B (purple).
1 hour
The USD/JPY could be building a potential ABC (purple) correction.
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