EURUSD
Price finally broke out of its 16 day range. The next question is whether price can extend itself into higher levels and Fibonacci targets before making a retracement (below red and orange).
The EURUSD could potentially continue with yesterday’s break outs (green arrows) if price breaks above top.
GBPUSD
Yesterday’s break to the upside is providing a 5th wave continuation (just as with the EURUSD).
Wave 3 (purple) could be completed at higher Fibonacci targets if price breaks above resistance (orange). The other possible scenario is a retracement down to the wave 4 versus 3 Fibonacci levels where price could bounce at the 23.6% or 38.2% retracements. A break below the blue line invalidates the current wave 4 wave count.
USDJPY
The current wave count is showing the potential for a wave X (purple) to be completed at one of the X vs W Fibonacci targets.
Price is heading towards the Fibonacci levels after last week’s break.
