EUR/USD Breaks Falling Wedge and Starts Wave B Correction

EUR/USD

4 hour

EURUSD

The EUR/USD bearish retracement indeed turned at the support zone (blue lines) as expected in yesterday’s wave analysis. Considering the divergence on this 4 hour chart, the bearish price action could be just one part of larger ABC (purple) retracement within wave 4 (green).

1 hour

EURUSD

The EUR/USD broke above the resistance (dotted orange) of yesterday’s falling wedge chart pattern and could moving towards the Fibonacci levels of wave B vs A which could act as potential resistance spots.

 

USD/JPY  

4 hour

USDJPY

The USD/JPY is breaking below the larger support trend line (blue) from the daily support at 109.50. This bearish break could indicate a downtrend continuation within wave C (brown).

1 hour

USDJPY

The USD/JPY break below the support trend lines (dotted lines) indicates the continuation of the bearish trend, most likely within a wave 3 (orange).

 

GBP/USD

4 hour

GBPUSD

The GBP/USD seems to have completed 5 bearish waves within wave 1 (red). The Cable could be building a potential bullish retracement as part of a wave 2 (red).

1 hour

GBPUSD

The GBP/USD has support and resistance trend lines which could offer breaking spots for the Cable. A bullish breakout could lead to a wave C (purple) whereas a bearish break could see the downtrend continue.

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.