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 did indeed break above the 1.15, retrace to and bounce at the same broken resistance of 1.15 and then continued towards the Fibonacci targets of wave 3 and wave 5. The uptrend is showing strong bullish momentum which seems to confirm the development of an impulsive wave 3 (green).
The EUR/USD broke above the resistance trend line (dotted red) as part of the wave 3 (blue) continuation towards the 261.8% Fibonacci target of wave 3 (blue).
The EUR/USD bullish momentum is indicating a potential bullish 5 waves (see blue 123 weekly chart) within a larger ABC (brown) correction. The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) of wave X (black) is most likely completed.
The GBP/USD is trying to move with the same bullish momentum as the EUR/USD but price is struggling to stay above the 1.30 round level. The wave 1-2 (blue-green) is possible but remains fragile as the GBP/USD downtrend is still intact on the weekly and monthly charts. A bearish correction could see the development of a wave Y (orange).
The GBP/USD major trend line (orange) is bearish but price is showing a higher high and higher low, which might be the start of a bullish reversal.
The GBP/USD bullish momentum is either a reversal or a correction within the larger downtrend. For the moment, this wave structure prefers the completion of wave C (green) at the most recent bottom. A bearish trend continuation could indicate that a wave 123 is valid rather than an ABC (green).
The USD/JPY bearish momentum keeps pushing lower and lower and seems on its way to the round level of 110 and the support trend line (green).
The USD/JPY is retracing lower via a WXY (blue) correction to the Fib levels of wave B (green) or the support trend line (green). A break above the resistance trend line (red) could change the market structure and indicate a bullish trend.
The USD/JPY is most likely in a wave B (green) correction at the moment. A retest of the lower Fibs like the 61.8% Fib would confirm this wave structure whereas break above resistance (red) would invalidate it and make a bullish variant more suitable.