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. https://admiralmarkets.com/analytics/
The EUR/USD resistance indeed created a bearish bounce which could be part of a wave 1-2 (pink) pattern. A break below the bottom of wave 2 and the 100% Fibonacci level invalidates the wave 2 and indicates that the wave 4 (purple) is still active.
The EUR/USD bullish bounce could have completed the wave 4 (light purple) and started the wave 5 (light purple) within a larger wave A (red).
The EUR/USD bullish momentum is most likely building a wave A (red), which is part of a larger ABC (red).
The GBP/USD broke, retraced and bounced at the resistance (dotted red) of the sideways range. The bullish bounce could indicate that the intermediate trend is bullish towards the Fibonacci targets of wave 5.
The GBP/USD needs to break below the support (green) of the bullish channel before a larger downside becomes more likely. A break above the resistance trend line (orange) and bottom of wave 1 (pink) invalidates the wave 4 pattern (pink).
The GBP/USD bearish breakout could see the continuation of the wave C (purple) whereas a bullish break above resistance (orange) could indicate that the wave C has been completed at the bottom.
The USD/JPY might have completed its bearish retracement (wave 2/B) at the 50% Fibonacci level, although price will need to confirm the uptrend by breaking above local resistance (red).
The USD/JPY is in a wedge chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) could have been completed at the most recent bottom but price will need to break above support or resistance before the long-term direction becomes clearer.
The USD/JPY is looking for a breakout of the wedge pattern.