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​​Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 19 February 2018

February 19, 2018 08:00

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 61.8% Fib and support trend lines (blue) makes a wave 4 less likely whereas a bullish break above 1.25 and the resistance trend line (red) could see price continue higher towards the Fibonacci targets of wave 3 (pink).

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 bounced at the 61.8% Fibonacci level of wave 4 (green) and is now testing the resistance trend line (red). A bullish break could indicate one more push higher within C (blue). Wave 5 could turn out to be a truncated wave 5 (double 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 broke below the previous support zone (dotted green). A bullish bounce back to the broken support could act as a resistance zone.

Daily chart:

The USD/JPY is expanding the bearish correction of wave Y (light purple) of wave B (red) after breaking below the support zone.

Weekly chart:

The USD/JPY could now fall towards the Fibonacci levels of wave Y (light purple).

Monthly chart:

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