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. https://admiralmarkets.com/analytics/
The EUR/USD failed to reach the next 38.2% Fibonacci support level at the 1.1470-1.15 support zone and is building a bullish retracement. This bullish price action, however, is probably a retracement within the larger downtrend (red line). A bearish reversal could occur and kick start a fall towards the support Fib.
The EUR/USD correction could be part of a wave 4 (purple) within a larger wave A (red).
The EUR/USD bullish momentum could be part of a wave A (red). The strong bullish momentum seems to indicate that the bearish wave 5 (purple) of wave C (red) is most likely completed.
The GBP/USD is trying to break below the long-term support trend line (blue) but the larger sideways range is still a factor. The potential bearish breakout could indicate a continuation of the bearish wave 5 (green).
The GBP/USD needs to break below support (blue) before a larger downside becomes more likely.
The GBP/USD is testing a larger support trend line (blue). A bearish breakout could indicate the continuation of the wave C (purple).
The USD/JPY seems to have completed a wave A or wave 1 (light purple) and a bearish retracement (wave 2/B) could take place if price manages to continue lower within the bearish channel.
The USD/JPY is in a larger triangle chart pattern with support (blue) and resistance (brown/red) nearby. The wave B (red) seems to be completed at the most recent bottom.
The USD/JPY is looking for a breakout of the triangle pattern.