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 indeed created a larger correction, as expected in last week's long-term wave analysis. The correction could expand further if price stays below the 100% Fibonacci level of wave B vs A, which could create an ABC within wave 4 (green).
The EUR/USD bullish break above resistance (dotted red) is part of a wave 3 (blue) momentum.
The EUR/USD bullish momentum could be part of a wave A (brown). The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.
The USD/JPY broke below the support trend line (dotted blue) and could be a in wave C (brown).
The USD/JPY is retracing lower via a WXY (blue) correction to the Fib levels of wave B (green) or the support trend line (green). A break above the resistance trend line (red) could change the market structure and indicate a bullish trend.
The USD/JPY is most likely in a wave B (green) correction at the moment. A retest of the lower Fibs like the 61.8% Fib would confirm this wave structure whereas break above resistance (red) would invalidate it and make a bullish variant more suitable.
The GBP/USD is probably building a wave 1-2 (red) wave structure and could complete a potential head and shoulders chart pattern at the resistance level (red).
The GBP/USD seems to be completing an ABC (brown) correction at the resistance trend lines (brown/red).
The GBP/USD could bounce at the resistance trend line (brown) and test the support lines (green/blue).