EUR/USD broke the resistance trend line (dotted red) of the bearish trend channel with strong momentum. This is indicating that the downtrend is completed and more upside is likely. The bullish price action indicates that the wave 4 (light purple)
...The GBP/USD broke above and below the local triangle pattern (dotted lines) but the major support (blue) and resistance (red) trend lines are still intact. A breakout is needed before a larger directional move can be expected.
The GB
...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 is in a wave 4 (blue) bullish retracement within a larger downtrend and therefore the Fibonacci levels of wave 4 (blue) could act as resistance. A break below the support trend line (blue) could indicate a potential bearish breakout
...The GBP/USD is testing the Fibonacci levels of wave 4 (orange). A break above the 61.8% Fib makes a wave 4 (orange) less likely whereas a break below support could indicate a bearish breakout. Price is building a smaller triangle in a larger wedge p
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