The EUR/USD managed to break above one of resistance trend lines (red) and could potentially move higher towards the Fibonacci targets of wave Y versus W.
The EUR/USD bounced off the support (green) trend line for another bullish rally, which could be wave A (blue) of a bigger ABC.
The GBP/USD remains firmly positioned in a wedge with resistance (orange/red) and support nearby.
The GBP/USD was not able to break above resistance (orange/red) and is most likely retracing lower as part of wave X (magenta).
The USD/JPY needs to break the top of wave 5 (purple) before an uptrend continuation is more likely. At the moment a slight rising wedge chart formation is visible when comparing the angles of the red and green trend lines.
The USD/JPY is in an uptrend channel (green) but is facing multiple levels of resistance (red). A bullish breakout would change the wave count.
Please note that the update is posted with permission from Admiral Markets
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