EUR/USD Bearish Channel Aiming at 1.17 and 50-61.8% Fibonacci

EUR/USD

4 hour

EURUSD

The EUR/USD is building a bearish correction as expected. The choppy and corrective price action is making a wave 1-2 (pink) pattern more likely. The bearish channel could take price down lower to the Fibonacci levels of wave 2. A break below the bottom (purple box) invalidates this wave pattern.

1 hour

EURUSD

The EUR/USD broke below the support trend line (dotted green) and fell below 1.18 but is a sturdy pullback. This could be part of a wave B (green) within a larger bearish ABC zigzag.

 

USD/JPY 

4 hour

USDJPY

The USD/JPY is testing the bottom / support (green) of the uptrend channel. An impulsive bullish bounce could indicate that price is building a wave 2 (blue) whereas a sideways movement could mean a bear flag pattern and more downside.

1 hour

USDJPY

The USD/JPY will need to bounce at support first of all and later on break above the resistance (red/orange) to confirm the wave 3 pattern (purple). For the moment, price could have built a bearish ABC pattern within wave 2 (blue) and the Fibonacci levels and the support trend line could stop price from falling.

 

GBP/USD

4 hour

GBPUSD

The GBP/USD is building a bearish correction which is probablypart of a larger a wave 1-2 (green).This is invalidated if price breaks below the 100% Fibonacci level of wave 2 vs 1.

1 hour

GBPUSD

The GBP/USD is showing a triangle chart pattern (orange/blue). A break below or above the triangle could indicate a potential breakout.

Trading with currencies and CFDs is speculative in nature and could involve the risk of loss. Such trading is not suitable for all investors. Before using the services of Admiral Markets AS please acknowledge the risks associated with trading, terms and conditions of the services and consult and expert if necessary.