Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts. More education, analytics, articles, and webinars can be found daily on Admiral Markets. https://admiralmarkets.com/analytics/
The EUR/USD is building a bullish retracement which could be a wave 4 (pink). The Fibonacci retracement levels of wave 4 could therefore act as resistance. A break above the 50% Fib makes a wave 4 less likely and price could be building a larger bullish ABC.
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red). Price was close to the 50% Fibonacci level but could make one more lower low if the wave 4-5 analysis from the daily chart is correct.
The EUR/USD has probably completed wave A (red) and price is now most likely retracing to the Fibonacci levels of wave B (red).
The GBP/USD is probably building a wave 4 (light purple) correction and is testing the Fibonacci retracement levels.
The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.
The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that the wave C has been completed at the bottom.
The USD/JPY seems to be building a bullish WXY correction (pink) within wave D.
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
The USD/JPY could now rise towards the Fibonacci levels of wave D (light purple).
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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.