On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.
EUR/JPY: will the wedge save bears?
TP1 131 TP2 129.15
On the daily chart of EUR/JPY, a break of the upper border of the 129.15-132.15 range with the following retest means that bulls are in control of the situation. They aim at the 88.6% target of the “Shark”.
On H1, EUR/JPY reached targets of the “Wolfe waves” and the junior “Shark”. The senior “Shark” is still in place. At the same time, the return of the pair to support at 132.1 will end the formation of the “Widening wedge”.
On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.
On the daily chart, USD/JPY is trading within an uptrend channel. Bulls remain in control of the situation.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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