The EUR/USD strong bullish momentum last week Thursday completed the 5th wave (purple) and broke layers of resistance (orange/red). Price could be building an ABC zigzag.
The EUR/USD is building a mild angled channel (purple lines), which could be a bull flag chart pattern.
The GBPUSD remains in a downtrend as price stays below the resistance trend line. The GU cannot cross above the bottom of wave 1 (red line) without invaliding the current wave count.
The GBP/USD is building a sideways consolidation zone (purple lines) after a bullish momentum (wave A). There seems to be an ABC zigzag correction within wave 4 (pink).
The USD/JPY bounced off the bottom of the consolidation zone (green/red). Price needs to break above or below the zone before a bigger acceleration could be expected.
The USD/JPY seems to be completing multiple ABC zigzags within the consolidation zone.
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Please note that the update is posted with permission from Admiral Markets
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