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 developed a break, pullback, and continuation pattern above the resistance trend lines (dotted) last week which turned into support (blue). Price could head towards the Fibonacci targets as long as price stays above the support trend line (blue).
The EUR/USD is approaching a strong resistance zone due to the trend line (red) and 1.15 round level, which could cause a bearish retracement for a wave 4 (green).
The EUR/USD is bullish momentum is approaching a strong trend line (red) and resistance zone between 1.15 and 1.18.
The GBP/USD bullish momentum was unable to break above the previous top (red). A break above it could see a wave 3 (blue) develop where as a break below support line (blue) could indicate an extension of wave 2 (blue) or a change of the wave count.
The GBP/USD major trend line (orange) is bearish but price is showing a higher high and higher low, which might be the start of a bullish reversal.
The GBP/USD might have completed its bearish wave C (green) swing as price builds up bullish momentum within a wave A (purple).
The USD/JPY is a bullish channel (blue) that could complete a wave C (brown) within wave X (blue).
The USD/JPY could be retracing back via a WXY (blue) correction back 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 in a wave B (green) correction. Price could either test lower Fibs like the 61.8% Fib or break above resistance (red).