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 retesting the previous bottom near 1.15, which is a critical decision zone for a bullish bounce or bearish breakout. A bull reversal confirms the larger WXY (pink) reversal within wave B (light purple) whereas a bear break indicates a wave pattern change. In that case, wave 4-5 (pink) within wave A (light purple) is still open.
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red).
The EUR/USD has completed wave A (red) and price is most likely retracing to the Fibonacci levels of wave B (red).
The GBP/USD remains in a downtrend channel but price is now challenging a key support trend line (green). A bullish bounce could confirm the potential WXY (purple) correction within wave 2 (pink) whereas a bearish break below the Fibonacci levels of wave X vs W invalidates the correction and makes a downtrend likely.
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 is probably indicating the start of wave 5 (purple) whereas a bullish break above resistance (red) indicates that a different wave pattern is valid.
The USD/JPY is probably building a bearish ABC (red) within the final leg of the triangle pattern, which is wave E (light purple).
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
The USD/JPY is in the wave E (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.