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EUR/USD Builds ABC Correction after Strong Bullish Momentum

March 06, 2018 06:29

EUR/USD

4 hour

The EUR/USD showed strong bullish momentum at the support zone (green). A bullish breakout

above resistance (orange/red) could confirm the continuation of the uptrend whereas a bearish

break below support makes a wave 4 (pink) less likely and a downtrend more probable.

1 hour

The EUR/USD could make a bearish pullback via an ABC pattern (blue) within wave 2 (purple).

GBP/USD

4 hour

The GBP/USD is building a bullish channel (green) after bouncing at the 61.8% Fibonacci level.

1 hour

The GBP/USD is probably not in a bearish wave 4 anymore after breaking above the bottom of wave

1 (dotted red). It could now be in a bullish wave 4 (grey), unless price breaks above the bottom of the

wave 1 (red line).

USD/JPY

4 hour

The USD/JPY could have completed a bearish wave 5 (blue) at the most recent lower low around 105.

1 hour

A bearish extension is still possible as the USD/JPY could be building a bearish wave 4 (green)

correction, but a break above the resistance trend line (red) would invalidate this.

Good trading,

Chris Svorcik

P.S. Don't forget to follow Admiral Markets on Facebook – or @AdmiralMarkets on Twitter – for the latest market updates.


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