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 uptrend keeps pushing higher as the bullish momentum shows no signs of weakening as yet. The strong impulsive price action is part of a wave 3 (green) of wave 3 (blue). A shallow bearish retracement as a wave 4 (green) is expected to occur once the EUR/USD completes wave 5 (purple) of wave 3 (green).
The EUR/USD bullish break above resistance (dotted red) is part of the wave 3 (blue) continuation. A break above 1.1750 round level could see price challenge 1.20.
The EUR/USD bullish momentum is indicating a potential bullish 5 waves (see blue 123 weekly chart) within a larger ABC (brown) correction. The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.
The GBP/USD is showing higher lows and higher highs and thus the potential for an uptrend. However, price is struggling to break above the resistance trend line (orange) within the larger bullish channel (red/blue).
The GBP/USD is approaching a major resistance trend line (brown) which is an important decision zone. Price will either break for a new uptrend or bounce for a continuation of the downtrend.
The GBP/USD bullish momentum is either a reversal or a correction within the larger downtrend. For the moment, this wave structure prefers the completion of wave C (green) at the most recent bottom. A bearish trend continuation could indicate that a wave 123 is valid rather than an ABC (green).
The USD/JPY bearish momentum is completing 5 waves (orange) within wave A (brown). The wave A could complete a larger ABC within wave Y (blue).
The USD/JPY is retracing lower via a WXY (blue) correction to the Fib levels of wave B (green) or the support trend line (green). A break above the resistance trend line (red) could change the market structure and indicate a bullish trend.
The USD/JPY is most likely in a wave B (green) correction at the moment. A retest of the lower Fibs like the 61.8% Fib would confirm this wave structure whereas break above resistance (red) would invalidate it and make a bullish variant more suitable.