Please find 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 support trend line (blue) for the 2nd time. Price is now approaching a resistance trend line (red). A break above that could send price up towards the horizontal resistance (red box). Price could be starting a wave B (purple) correction if price breaks above these resistance areas but otherwise a wave 4 (pink) could still be developing.
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red). A bullish bounce could see price test the Fibonacci retracement levels of wave B (purple).
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 could have completed a wave 5 (purple) of a potential wave 1 (pink) when considering the strong bullish candle and the falling wedge chart pattern. However, a downtrend channel remains active for the moment, which could restart a downtrend later this week.
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 is testing the resistance trend line (red) and a bullish breakout could see price rise towards the next Fibonacci levels.
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
The USD/JPY is in the wave D (light purple) of the triangle pattern.
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.