The EUR/USD is in a bullish channel (blue lines) which could challenge the resistance trend lines. It is unclear whether price is in a wave 5 or in an expanded wave 4 at the moment, which depends on how price develops the bullish trend.
The EUR/USD is building a falling wedge chart pattern (blue/orange lines), which could indicate a bullish reversal. A bearish breakout below support (blue) and the 23.6% Fibonacci level of wave 4 (blue) could see price fall towards the 38.2% Fibon
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 GBP/USD has broken below the important long-term support trend line (dotted blue), the 1.3250 round level, and the potential 50% Fibonacci level of wave 4 mentioned yesterday. This bearish breakout invalidates the bullish wave structure and chan