EUR/USD Breaks Above 1.10 Round Number Resistance

3 min read

EUR/USD

4 hour

12-08-2015eu4
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.

1 hour

12-08-2015eu1
The EUR/USD bounced off the support (green) trend line for another bullish rally, which could be wave A (blue) of a bigger ABC.

GBP/USD

4 hour

12-08-2015gu4
The GBP/USD remains firmly positioned in a wedge with resistance (orange/red) and support nearby.

1 hour

12-08-2015gu1
The GBP/USD was not able to break above resistance (orange/red) and is most likely retracing lower as part of wave X (magenta).

USD/JPY

4 hour

12-08-2015uj4
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.

1 hour

12-08-2015uj1
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.

Twitter: @elitecurrensea 

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

Thank you

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