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 is testing the Fibonacci levels of wave 4 (blue). A break below the 23.6% Fib could price fall to the 38.2%. A bullish bounce could see price challenge the resistance (orange) trend line.
The EUR/USD correction could be part of a wave 4 (blue).
The EUR/USD bullish momentum could be part of a wave A (brown). The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.
The USD/JPY bullish momentum is either part of a wave A (dark green) or wave 1 (light green). In both cases a bearish retracement (wave 2/B) could take place before a 3rd bullish wave occurs.
The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (red) nearby.
The USD/JPY is most likely in a wave B (green) correction at the moment. Price could test lower Fibs like the 50%-61.8% Fib or show a break above resistance (red) and start wave C.
The GBP/USD in a wave 4 (blue) retracement has reached a potential bounce or break spot at the 38.2% Fibonacci level. A bearish break could see price fall towards the 50% Fib. A bullish break above the resistance of the channel could price continue the uptrend.
The GBP/USD is breaking above the resistance trend line (dotted brown), which makes a wave 4 (purple) less likely. A break above the 61.8% Fib and the bottom of wave 1 (orange line) invalidates the wave 4 and makes a bullish structure more likely.
The GBP/USD is showing a potential bullish breakout.