Admiral Markets - Analytics

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    EURUSD and GBPUSD Retrace Large Parts of Bullish Gains after FOMC Statement


    4 hour EURUSD: the price action in response to the FOMC statement on Wednesday has created big bearish spikes on the USD. For the EURUSD this could suggest a bigger WAXY (orange) correction.


    60 min EURUSD: the potential wave X (retracement) has reached the 78.6% of the FOMC bullish momentum (indicated as wave W orange).

    GBPUSD


    4 hour GBPUSD: an ABC (blue) zigzag correction could explain the current price action. At the moment price is testing the bottom as part of the wave B (blue) perhaps.


    60 min GBPUSD: price has retraced back to the 88.6% Fibonacci retracement level of the bullish spike and has resistance (brown) and support (green) lines nearby.

    USDJPY


    4 hour USDJPY: the most likely wave count suggests that price is in a retracement of wave 4 (dark red).


    60 min USDJPY: a bigger WXY (magenta) correction could be expected after the bearish momentum during the FOMC statement.


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