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.
The EUR/USD broke above the resistance trend lines (dotted) which indicates that the bullish momentum is strong and could be unfolding via a wave 3 (blue). The next target is the 200% Fib of wave 3 vs 1 at 1.1470-1.15. A break above that could see price move towards 1.175.
The EUR/USD has probably completed the 5th wave (blue) at the most recent bottom. Price is however reaching a strong resistance zone which could cause a bearish retracement for a wave 4 (green/blue).
The EUR/USD is bullish momentum is approaching a strong resistance trend line (red) and zone between 1.15 and 1.18.
The GBP/USD bullish momentum also broke above the resistance trend line (dotted red) and is approaching Fib targets of wave 3 vs 1 (orange).
The GBP/USD is showing a higher high and higher low, which could indicate the start of a reversal. Price still has a major resistance trend line (orange) above it but a bullish break could confirm the development of a wave 3 (green).
The GBP/USD might have completed its bearish wave C (green) swing as price builds up bullish momentum within a wave A (purple).
The USD/JPY is moving higher within a bullish channel that could complete a wave C (brown) within wave X (blue).
The USD/JPY could be retracing back to the Fib levels of wave B (green) via a WXY (blue). A break above the resistance trend line (red) would change the market structure and indicate a bullish trend.
The USD/JPY is in a wave B (green) correction. Price could either test lower Fibs like the 61.8% Fib or break above resistance (red).