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 in a potential wave 3 (purple) of wave 3 (pink). Price came close to hitting the 161.8% Fibonacci level of wave 3 and could continue higher once price breaks above the small triangle or after it retests the previous broken top (blue line).
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 is moving towards the Fibonacci targets in a bullish channel (blue lines). Price is now building a small correction, which could be part of a wave 4 (green).
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 (red) and bottom of wave 1 (light purple) invalidates the wave 4 pattern (light purple). The alternative is that price has completed an ABC (light purple) and price is in a long-term uptrend.
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 bounced at the 110 support level, which could indicate that wave 2 or B (light purple) has been completed. A break below support could indicate a bearish continuation whereas a bullish break above resistance (red) could start a long-term uptrend.
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.