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Are EUR/USD, GBP/USD Developing Bullish Wave 1?

Ožujak 07, 2018 09:22

EUR/USD

4 hour


The EUR/USD bullish momentum continued yesterday with a bullish breakout above resistance (dotted orange). A break below the support trend line (blue) could see price retest the left shoulder (purple lines) which could create a potential inverted head and shoulders pattern.

1 hour

The EUR/USD is probably in a wave 5 (blue) of wave 1 (purple). A break above the 78.6% Fib target could price extend the wave 5 to higher Fib levels whereas a bearish break could see price retest wave 2.

GBP/USD

4 hour

The GBP/USD bullish bounce seems to be showing strong momentum, which makes a wave 1 (green) more likely at the moment. A bullish break above resistance (red) could confirm wave 5 (brown).

1 hour

The GBP/USD has either completed a 5th wave (grey) and will correct lower when it breaks support or it could break for one more higher high. A break below the 100% Fib of wave 2 vs 1 invalidates the wave 2.

USD/JPY

4 hour


The USD/JPY did not manage to break above the resistance trend line (red) and therefore could still be in a wave 5 (blue).

1 hour

A bearish reversal took place at the resistance trend line and price seems to be building one more wave 5.

Good trading,

Chris Svorcik

P.S. Don't forget to follow Admiral Markets on Facebook – or @AdmiralMarkets on Twitter – for the latest market updates.


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