EURUSD Completes ABC Correction at 100% Fibonacci Level

EUR/USD

4 hour

EURUSD

The EUR/USD made a bullish bounce at the 100% Fibonacci level of wave C (red). Price will need to break above the resistance trend line (red) before the completion of wave 4 (blue) could become more likely.

1 hour

EURUSD

The EUR/USD completed 5 internal waves (brown) within wave 5 (purple) and price bounced at the previous bottom (green line) of wave A. A break of resistance (red) could indicate the start of a new uptrend.

USD/JPY 

4 hour

USDJPY

The USD/JPY made a bearish bounce at the strong horizontal resistance level (red). This could indicate the start of a wave 2 (brown) or alternatively a wave B (green). The correction could unfold via an ABC (blue) and therefore the Fibonacci levels of wave B vs A could act as resistance.

1 hour

USDJPY

The USD/JPY is in a wave B (blue) unless price manages to break above the 138.2% Fibonacci level. A break below support (green) could see price make a bearish breakout within wave 2 (brown).

GBP/USD

4 hour

GBPUSD

The GBP/USD indeed bounced at the Fibonacci levels of wave 4 (purple) retracement and continue with the larger uptrend of wave 3 (blue).

1 hour

GBPUSD

The GBP/USD could push towards the Fibonacci targets of wave 5 (purple).

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.