EURUSD and USDJPY develop quick ABC zigzag corrections

EUR/USD

4 hour

The EUR/USD broke the bullish trend channel (dark blue), which could indicate a larger correction back to the support trend line (green) via WXY (blue). A break below the support trend line (green) confirms the completion of wave 4 (blue) whereas a bounce at or above support (green) indicates that the wave 4 is not yet finished.

1 hour

If price continues lower as part of wave C (green) it could move towards the Fibonacci targets of C vs A. A break above resistance (orange) could see price correct higher towards the Fibonacci levels of wave X (blue).

GBP/USD

4 hour

The GBP/USD is moving sideways in a corrective zone within the wave 4 (purple).

1 hour

The GBP/USD completed a bearish ABC zigzag which took price back to support for wave X (green). A break below the trend line (green) and 100% level invalidates the wave X (green) structure.

USD/JPY

4 hour

The USD/JPY has built a bullish correction which has reached the 61.8% Fibonacci level. The broken support could now also act as resistance. The current wave count is invalidated if price breaks above the 100% level.

1 hour

The USD/JPY is building a larger correction via an ABC (green) zigzag. A break of the support trend line (green) increases the chance that wave X (blue) is completed.

WARNING: Trading on the financial markets, including Forex, is high risk. Your losses can exceed your deposits. All pages, information, articles, and content on this website is for informational and educational purposes ONLY. Read the detail terms and conditions, including risk disclaimer via this link.

Twitter: @elitecurrensea

Youtube: Elite CurrenSEA

Live webinars at: Admiral Markets

Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com

Thank you