EUR/USD Bearish Reversal Challenges Long-term Support Trend Line

EUR/USD

4 hour

EURUSD

The EUR/USD is testing the long-term support trend line (dark blue). Price will need to break below that support trend line before a potential new downtrend within wave 3 (brown) is possible.

1 hour

EURUSD

The EUR/USD invalidates wave 2 (brown) if price manages to break above the 100% Fibonacci level. A break below support (green) could potentially start bearish waves 3.

 

USD/JPY  

4 hour

USDJPY

The USD/JPY

1 hour

USDJPY

The USD/JPY completed a wave 4 (purple) at the 38.2% Fibonacci level and is now moving higher towards the Fibonacci targets of wave 5 (purple).

 

GBP/USD

4 hour

GBPUSD

The GBP/USD could be building a correction within wave 2 (blue). A bearish breakout below support (green/blue) could see a bearish breakout but a break above the 100% Fib level invalidates wave 2 (blue).

1 hour

GBPUSD

The GBP/USD needs to break below support (blue/green) to confirm a potential wave 3 (blue). The Fibonacci levels of wave 2 (blue) could act as resistance.

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.