Admiral Markets - Analytics

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    EUR/USD’s Major Resistance and GBP/USD’s Key Bottom

    EUR/USD

    4 hour

    Whether wave X (brown) has been completed or not remains to be seen and depends on whether price will break above the long-term resistance line (orange/yellow) or bounce at it for more downside remaining in the down trend channel.

    1 hour

    The EUR/USD did break above the immediate resistance line (dotted yellow) but there was not much momentum during the break so the wave count has been labeled WXY (lavender).

    GBP/USD

    4 hour

    The GBP/USD made yet another bearish breakout yesterday which took price down to the 78.6% Fibonacci level. This level has acted as a support and a bouncing spot as mentioned in yesterday's wave analysis.

    1 hour

    Whether the GBP/USD will make a big bounce up or continue to break down depends on whether price can break below the bottom or stay above it.

    USD/JPY

    4 hour

    The USD/JPY broke through the support level (dotted green) and continues with its bearish pressure. This could complete wave W (green) but it depends if the upside can show sufficient momentum today.

    1 hour

    The USD/JPY indeed displayed an ABC formation (orange) as mentioned in yesterday's wave count and eventually built sufficient momentum to break below the support.


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