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.
The EUR/USD is again testing the support zone (green/blue) which could be a deep pullback within wave 2 (purple). A break below the 100% Fibonacci support level invalidates the wave 2 (pruple).
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 breaks below the support on the daily chart. Alternatively wave 5 can extend higher before completing wave A (red).
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 a triangle chart pattern, A bullish break above resistance (red) could indicate one more push higher within C (blue) whereas a bearish break could see price test the lower support levels.
The GBP/USD could be in wave 4 (light purple) but a break above the resistance trend line (red) and bottom of wave 1 (light purple) invalidates the wave 4 pattern (light purple). A break below the support levels could indicate a downtrend within wave 5 (light purple).
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 retesting the 105 support zone. A bullish bounce could indicate a reversal whereas a bearish breakout could prolong the downtrend.
The USD/JPY is expanding the bearish correction of wave Y (light purple) of wave B (red) after breaking below the support zone.
The USD/JPY could now fall towards the Fibonacci levels of wave Y (light purple).