The recent bearish momentum on the EUR/USD caused both the break below the support trend line (dotted green) and also the wave count to change to its current form (multiple wave Y’s).
Price seems to have completed a bearish zigzag (orange ABC) but the confirmation of the completion occurs when price manages to break above the resistance trend line (orange). A bearish continuation could see price fall towards lower Fibonacci targets.
The GBP/USD also broke below support yesterday and is approaching a bigger bottom (horizontal green), which could be another bounce or break spot.
Price could have completed a bearish zigzag (orange ABC) but the confirmation of the completion occurs when price manages to break above the resistance trend line (red). A bearish continuation could see price fall towards lower Fibonacci targets.
The USD/JPY has broken through resistance but the overall picture remains choppy and corrective.
Price is in an uptrend channel indicated by the purple lines. For the moment the upside is probably still part of a larger wave X (magenta), unless price starts to break above the 100% Fibonacci target.
PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com
Thank you