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 bounced at the 38.2% Fibonacci level of wave 4 (pink) and could now be moving lower as part of wave 5 (pink) in wave A (purple).
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red). The 50% Fibonacci level could be a key support zone.
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 bounced at the resistance trend line (orange) of wave 4 (purple) and could now be moving lower as part of wave 5 (purple) in a potential wave 1 (pink).
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 broke above the resistance trend line (dotted orange) and 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).