EUR/USD Critical Zone for Long-term Break or Bounce

3 min read

EUR/USD

4 hour

17-07-2015eu4
The EUR/USD is approaching an important break or bounce level (decision spot), which is the support trend line (green) connected to bottom at wave X (green).

1 hour

17-07-2015eu1
The EUR/USD could have completed an ABC correction (blue) with a 5th wave potentially completing at 1.0850. A break below the support trend line (blue) would change that perspective.

GBP/USD

4 hour

17-07-2015gu4
The GBP/USD seems to be building on a bullish rebound since hitting the support trend line (green) and breaking the resistance (red).

1 hour

17-07-2015gu1
The GBP/USD could retrace deeper within the 2nd wave (orange) but a break below the 100% level would invalidate the wave count.

USD/JPY

4 hour

17-07-2015uj4
The USD/JPY built a strong bullish momentum which could be the wave A (lavender) of a bigger ABC within wave X (green).

1 hour

17-07-2015uj1
The USD/JPY still remains in the rising wedge chart pattern (blue and red lines) but the space is getting smaller and a break out either direction could occur soon.

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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