Admiral Markets - Analytics

    Admiral Markets

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    Forex pairs build sturdy contracting triangles

    EUR/USD

    4 hour

    The EUR/USD has been going sideways during the last week and has not been able to break below the 50% Fibonacci level. A break above resistance could see price build a potential breakout. If it fails, then a bigger bearish retracement could commence towards the 61.8% Fibonacci level.

    1 hour

    The EUR/USD is showing a consolidation zone on the 1 hour chart.

    GBP/USD

    4 hour

    The GBP/USD respected the trend line (green) and made a bullish bounce. Price is now in a contracting triangle with support (green) and resistance (orange) nearby.

    1 hour

    The GBP/USD is showing very choppy price action. The trend lines mark the boundaries of the contracting triangle pattern.

    USD/JPY

    4 hour

    The USD/JPY bearish price action is moving down lower at a slow angle. A break above resistance (red) could indicate a chance for an ABC (purple) correction. A break below support (green) could price move further down towards the Fibonacci level.

    1 hour

    The USD/JPY has support and resistance trend lines nearby that mark potential boundaries of the triangle pattern.


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    • avatar-1223
      • #

      EURUSD is ready for potential breakout, so considering the lowering potential of pound, we can wait this week for an interesting movement.


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