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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 11 February 2018

February 11, 2018 11:00

Hello trader,

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/

EUR/USD

The EUR/USD uptrend is building a bearish retracement as part of wave 4 (purple). A break below the 38.2% Fib makes a wave 4 less likely and could see price retest deeper Fibs like the 50-61.8% Fib. A bullish break above 1.25 and the resistance trend line (red) could see price continue higher towards the Fibonacci targets of wave 5 (purple).

Daily chart:

The EUR/USD bullish breakout is building a wave 5 (light purple) within a larger wave A (red). That wave 5 could already be completed if price breaks below the support Fibs on the daily chart. Alternatively wave 5 can extend higher before completing wave A (red).

Weekly chart:

The EUR/USD bullish momentum is most likely building a 5th wave (purple) within a wave A (red), which is part of a larger bullish ABC (red).

Monthly chart:

GBP/USD

The GBP/USD is probably in a wave 4 (green) like the EUR/USD but price action is testing deeper Fibonacci support levels. The retracement has made it all the way down to the 61.8% Fibonacci level, which is a new bounce or break spot for Cable. A bearish break is making an alternative wave count more likely and could indicate the completion of wave C (green) at the previous top.

Daily chart:

A break above the resistance trend line (red) and bottom of wave 1 (light purple) invalidates the wave 4 pattern (light purple) but the GBP/USD stopped and turned at the 61.8% Fibonacci resistance level of wave 4 (light purple). A break below the support levels could indicate a downtrend within wave 5 (light purple).

Weekly chart:

The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that the wave C has been completed at the bottom.

Monthly chart:

USD/JPY

The USD/JPY is testing the previous support zone and deep 88.6% Fibonacci (green), which could be part of a potential wave 2/B (purple). A bullish breakout above the resistance trend line (orange) could lead to a larger bullish breakout as part of a wave 3 (purple).

Daily chart:

The USD/JPY is in a wedge chart pattern with support (blue/green) and resistance (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 clear.

Weekly chart:

The USD/JPY is looking for a breakout of the wedge pattern.

Monthly chart:

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