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 bounced at the support zone (blue) and continued with the uptrend after breaking above the resistance trend lines (dotted red). The EUR/USD could now be in a potential wave 3 (purple) of wave 3 (pink).
The EUR/USD bullish breakout seems to be confirming the development of a wave 5 (light purple) within a larger wave A (red).
The EUR/USD bullish momentum is most likely building a wave A (red), which is part of a larger ABC (red).
The GBP/USD broke above the resistance (red) of the small consolidation zone (dotted red) and is now moving towards the Fibonacci targets.
The GBP/USD needs to break below the support (green) of the bullish channel before a larger downside becomes more likely. A break above the resistance trend line (orange) and bottom of wave 1 (pink) invalidates the wave 4 pattern (pink).
The GBP/USD bearish breakout could see the continuation of the wave C (purple) whereas a bullish break above resistance (orange) could indicate that the wave C has been completed at the bottom.
The USD/JPY failed to break above the resistance trend line (orange) and broke below the support zone (dotted blue) instead. Price could test the next support levels around 110 and the previous bottom (green) at 107.50-108.
The USD/JPY is in a wedge chart pattern with support (blue/green) and resistance (red) nearby. The wave B (red) could have been completed at the most recent bottom but price will need to break above support or resistance before the long-term direction becomes clear.
The USD/JPY is looking for a breakout of the wedge pattern.