Admiral Markets - Analytics

    Admiral Markets

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    EUR/USD bounces 400 pips at Fibonacci target

    EUR/USD

    4 hour

    The EUR/USD made a deep bearish retracement but eventually price did show a large 400 pip bullish bounce at the 100% Fibonacci level taking price from 1.0825 to 1.1225. A bullish continuation could see price expand towards the waves Y.

    1 hour

    The bullish bounce at the 100% Fibonacci level was very impulsive. It seems most likely that price will build an ABC bullish zigzag (green).

    GBP/USD

    4 hour

    The GBP/USD broke above the resistance trend line (dotted red) for an extended bullish run. A push above the resistance (brown) trend line invalidates wave 4 (blue). In such a case, the alternative wave count could have wave 5 (blue) end at the current spot of wave 3.

    1 hour

    The GBP/USD could be in a wave 5 (blue) of wave C (pink).

    USD/JPY

    4 hour

    The USD/JPY made a bearish bounce at the resistance trend line (orange) and price remains in a larger sideways correction (orange/green).

    1 hour

    The USD/JPY turned at the 100% Fibonacci targets and dropped substantially after the bearish bounce. The momentum could indicate a bearish wave A (green), which is followed by an entire bearish ABC zigzag.


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