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The EUR/USD break below the 100% Fib level of wave 2 vs 1 invalidates the wave 2 (pink) and indicates an expansion of wave 4 (light purple). It needs to break the support or resistance trend line before the short-term direction becomes clear.
The USD/JPY is building a triangle correction (red/blue lines) which is probably part of a wave B (purple). A break below support could see price extend its bearish momentum towards the Fib targets at 111 and 110.
The USD/JPY respec
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Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts. More education, analytics, articles, and webinars can be found daily on Admiral Markets.
The EUR/USD is moving lowe
...The EUR/USD bearish break below the support trend line (dotted blue) makes it likely that price will challenge the Fibonacci levels of wave 2 (pink). A break below the 100% Fib level of wave 2 vs 1 invalidates the wave 2 (pink) and indicates an ex
...The EUR/USD respected the resistance zone which was indicated by the wave C (blue) of wave X (purple). Price is now in between support (blue) and resistance (red) trend lines. A bearish break would make the current wave pattern likely and could se
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