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Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY 21 May 2018

May 21, 2018 11:08

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 made a bearish bounce at the Fibonacci resistance levels of wave 4 (purple) and continued within the downtrend. The lower low is probably a wave 5 (purple) which in turn could complete wave 3 (pink). Whether the wave 5 is finished at this moment remains unclear and price could extend the wave 3 to a new lower low. A break above the previous high however could indicate a larger retracement, probably within wave 4 (pink).

Daily chart:


The EUR/USD seems to have completed the 5th (purple) wave within wave A (red) and price is now building a bearish ABC (purple) correction within wave B (red).

Weekly chart:

The EUR/USD has probably completed wave A (red) and price is now retracing back to the Fibonacci levels of wave B (red).

Monthly chart:

GBP/USD

The GBP/USD downtrend is becoming slower and choppier. The downtrend could still continue with a one more lower low within wave 5 (purple) of wave 1 (pink) and aim for the support zone around 1.3380-1.34 before a bullish retracement could occur within wave 2 (pink).

Daily chart:

The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.

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 above the 38.2% Fibonacci resistance level, which could indicate a bullish breakout towards the 50% Fib at 111.80.

Daily chart:

The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).

Weekly chart:

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

Monthly chart:

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