EUR/USD Breakout Lacks Momentum

EUR/USD

4 hour

The EUR/USD break above resistance is losing momentum quickly and showing signs of hesitation. It could be an early signal that the wave C (magenta) is completed. Typically wave 4s (green) retrace to the 38.2% Fibonacci level (once above the 23.6%) so the ABC (magenta) could turn out to be part of an expanded correction (W brown).

1 hour

The EUR/USD movement looks corrective and could be making an ABC zigzag (light purple).

GBP/USD

4 hour

The GBP/USD is expanding wave 5 (green) with an internal 5 wave (magenta).

1 hour

The GBP/USD has accelerated with its bullish trend. The big momentum has been labeled as an impulsive 5 wave (light blue). At the moment at wave 4 (orange) is expected.

USD/JPY

4 hour

The USD/JPY is moving lower to complete the wave Y (blue).

1 hour

The USD/JPY has completed an ABC (light blue) but this could become expanded correction if price stops at the Fibonacci levels of wave X (purple).

Twitter: @elitecurrensea

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

Thank you