The EUR/USD continued yesterday with its bullish bounce which could be part of an ABC correction (magenta) of a larger wave Y (blue) and wave 4 (light green). The failure for price to break below the bottom (green line) could indicate the potential for a bigger consolidation on the US Dollar.
Price action fits neatly within the uptrend channel (blue). A break above the channel is needed to confirm the wave 3 (green) of wave A (magenta).
The GBP/USD has rallied all the way back from the bottom (green line) to the top of the range (orange line).
The GBP/USD is an uptrend channel (green lines) and will need to break above resistance (orange) or go back to the bottom of the channel before bullish could be expected.
The USD/JPY is in a sizeable consolidation at the moment and is correcting within a wave Y (green).
Price is contained by a downtrend channel (blue) and a support trend line (green). The invalidation level of the ABC (purple) wave count is the top of wave X (green) which is the 100% Fibonacci level.
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