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 broke the key support zone and is therefore probably not in the wave 4 (pink) anymore but the bearish trend will still need to prove itself by breaking below the 161.8% Fib which is the minimum of a wave 3. Price also needs to break below the 61.8% Fib retracement level of the wave 4.
The EUR/USD is building a wave 5 (light purple) within a larger wave A (red). That wave 5 could already be completed if price confirms the wave 3 (purple).
The EUR/USD bullish momentum is most likely building a 5th wave (purple) within a wave A (red), which is part of a larger bullish ABC (red).
The GBP/USD is building strong bearish momentum which is most likely a wave 1 (pink).
The GBP/USD could be in wave 4 (light purple) correction but the bearish momentum on the daily chart could indicate the start of the wave 5.
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 is building a bullish swing within a larger triangle.
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
The USD/JPY could now rise towards the Fibonacci levels of wave D (light purple).
Follow @ChrisSvorcik on twitter for latest market updates.
Connect with Chris Svorcik on Facebook for latest market updates.