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 uptrend channel was unable to break above the resistance level at 1.25. The bearish retracement is probably part of wave 4 (purple), although a break below the 50% Fib makes a wave 4 less likely. A bullish break above 1.25 and the resistance trend line (red) should see price continue higher towards the Fibonacci targets of wave 5 (purple).
The EUR/USD bullish breakout seems to be confirming the development of a wave 5 (light purple) within a larger wave A (red).
The EUR/USD bullish momentum is most likely building a 5th wave (purple) within a wave A (red), which is part of a larger bullish ABC (red).
The GBP/USD uptrend is struggling to continue above 1.43. A bearish retracement seems to be taking place on lower time frames, which also could be a wave 4 correction with the larger uptrend. An uptrend continuation would find a strong resistance zone (red) nearby.
The GBP/USD bullish momentum is making a wave 4 (light purple) seem less likely. Price needs to break below the support (green) of the bullish channel before a larger downside could become more likely. A break above the resistance trend line (red) and bottom of wave 1 (light purple) invalidates the wave 4 pattern (light purple). The alternative is that price has completed an ABC (light purple) and price is in a long-term uptrend.
The GBP/USD bearish breakout could see the continuation of the wave 5 (purple) whereas a bullish break above resistance (red) could indicate that the wave C has been completed at the bottom.
The USD/JPY made a bullish bounce at the previous support zone (green), which could confirm a potential wave 2/B (purple). The bullish breakout above the resistance trend line (dotted orange) could lead to a larger bullish breakout as part of a wave 3 (purple).
The USD/JPY is in a wedge chart pattern with support (blue/green) and resistance (red) nearby. The wave B (red) could have been completed at the most recent bottom but price will need to break above support or resistance before the long-term direction becomes clear.
The USD/JPY is looking for a breakout of the wedge pattern.