The EUR/USD made an attempt to break above the resistance trend line (red) but it quickly reverted back into the contracting triangle.
A bullish break would confirm the current wave count with a 4-5 (purple). Whereas a bearish break below the green support trend line would invalidate it.
The GBP/USD broke resistance (dotted red) of the contracting triangle to the upside with a decent momentum.
Price broke above the resistance (dotted red) to confirm the wave 1-2 and could be retracing back for a wave 4 (magenta), which typically retraces to the 38.2% (and lower than 50%).
The USD/JPY seems to be starting a bigger bearish correction. The 5 wave pattern (orange) could complete a wave A of an ABC zigzag.
The bearish momentum could be part of a wave 3 (orange). A pullback will most likely respect the resistance trend lines (red), the broken support (dotted blue) and the wave 4 (orange) Fibonacci retracement levels.
PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com