Impact of Greek Referendum on Price and Technical Analysis

EUR/USD

4 hour

The Greek no vote to the referendum on Sunday created bearish pressure on the EUR/USD but it did not invalidate the ABC (light purple) formation which is the blue support trend line. The green line is the invalidation level for the WXZ (green) count.

1 hour

The triangle pattern (orange and blue) is still valid and holding.

GBP/USD

4 hour

The GBP/USD continues to fall but the angle of the downtrend seems to be weakening when comparing the angle of resistance (red) trend line with the support one (green).

1 hour

Wave C (blue) could complete at one of the Fibonacci support levels of X versus W.

USD/JPY

4 hour

The USD/JPY has bounced off of the support level (green) once again and so far is unable to push below 122.

1 hour

The USD/JPY is making a large scale correction and remains located between support and resistance trend lines.

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets
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