The EUR/USD made a deep retracement and remains in an overall corrective environment. The bottom is an important level (green line) as a break or bounce could have a decent indication ultimately whether the wave 4 (blue) has been completed (bearish break) or still needs to be completed (bullish bounce).
The EUR/USD showed decent bearish momentum as it reached the 161.8% Fibonacci. Whether the wave count is an ABC or a 123 depends in part how it will react to the target. A bullish momentum most likely confirms the end of wave X (lavender) whereas a bear flag chart pattern could point to a wave 4 developing.
The GBP/USD has clear support (green) and resistance (red) lines marking the boundary for potential breakouts. The current wave count is eventually expecting a bullish breakout to complete wave Ys without breaking the bottom of X (lavender and blue).
The GBP/USD indeed made a 5th wave (orange) followed by a deeper correction. Due to the 5 wave structure this retracement will most likely turn out to be a wave B (green). The turning spot for wave C (green) could be at any of the fib levels.
For the moment I am assuming that a bigger wave X (green) is taking place, unless price manages to make a strong third wave that breaks above the top (100% Fibonacci level). An ABC (lavender) could take place within wave X.
The USD/JPY seems to have completed an internal 5 waves (green) within the 5th wave (blue), although it is too early to confirm with certainty. A turnaround, however, probably indicates the start of wave B (lavender) which could bounce at any of the Fibonacci levels.
Please note that the update is posted with permission from Admiral Markets