The EUR/USD has been moving up and down in a relatively tight zone over the last weeks with clear support and resistance levels on both sides.
Price is slowly being squeezed between the contacting triangle pattern as time progresses and space becomes tighter.
The GBP/USD has bounced at the 50 Fibonacci level but it requires a break above the immediate resistance trend line (red) to confirm the completion of wave X (blue). Otherwise there is a chance price could retrace lower to the 61,8 Fib level.
A break above the confluence of intermediate and short resistance trend lines (red) could lead to the start of the waves Y. A break below support (green) could mean that the wave X (blue) will get extended to a lower spot.
The USD/JPY remains in a bigger consolidation as price diligently respects the support and resistance levels.
The USD/JPY has made a couple of zigzags (ABC formations) in a row and could be building on another one.
Please note that the update is posted with permission from Admiral Markets
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