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 testing the Fibonacci levels of wave 4 (purple). A break below the 23.6% Fib could see price test the 38.2% level whereas a bullish breakout above the resistance trend line (orange) could see price challenge the resistance top.
The EUR/USD correction could be part of a wave 4 (purple) within a larger wave A (red).
The EUR/USD bullish momentum could be part of a wave A (red). The strong bullish momentum seems to indicate that the bearish wave 5 (purple) of wave C (red) is most likely completed.
The GBP/USD could be either part of a wave 3 or wave C (green). A break above the bottom of wave 1 (red line) invalidates the current wave 4 (orange) and makes a scenario with an ABC (green) correction more likely.
The GBP/USD broke above the resistance trend line (dotted brown) but was not able to break above the 61.8% Fib and the bottom of wave 1 (orange line). For the moment the bearish wave 4 (blue) is still valid.
The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).
The USD/JPY bullish momentum is either part of a wave A or wave 1 (purple). In both cases a bearish retracement (wave 2/B) could take place before a 3 rd bullish wave occurs.
The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) seems to be completed at the most recent bottom.
The USD/JPY is looking for a breakout of the triangle pattern.