The EUR/USD is re-testing the weekly bottom (green) which could provide support for a 2nd rally / bounce.
The EUR/USD reached a confluence of Fibonacci target and retracement levels, which could provide support for a bullish retracement or rally. Typically a wave C does not extend past the 161.8% Fib level so a break below the wave C (blue) bottom could change the wave count.
The GBP/USD price action remains relatively choppy with the wedge trend lines narrowing in resistance (red) and support (green).
The ABC zigzag (magenta) could complete at the Fibonacci targets and retracement levels of wave C and wave X. There is also an ascending wedge pattern (flat top, rising bottom) visible when taking the trend line support (green) and resistance (red) into account. A bullish breakout could indicate the start of the wave Y (green).
The USD/JPY failed to break above the top (red) which means that the price movement could be part of a wave X (lavender) of a bigger WXY correction within wave B (brown).
The USD/JPY is approaching support trend levels (green), which will provide information about a potential bounce or break.
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Please note that the update is posted with permission from Admiral Markets
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