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.
USD/JPY: bulls were fed to the shark
TP1 112.50 TP20 112.90
On the daily chart, USD/JPY returned to the previous long-term channel. At the same time, the pair reached 113% target of the “Shark” pattern. As a result, the risks of a pullback increased. The necessary condition for the start and the development of a correction are a successful test of resistance at 111.65.
On H1, the risk of transformation of the “Shark” into 5-0 have increased. Correction towards 38.2% and 50% of the wave CD is usually used for opening short positions.
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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CHF/JPY broke powerful resistance level 115…