EUR/USD & GBP/USD Downtrend Lines Challenged but Remain Intact

3 min read

EUR/USD

4 hour

29-05-2015eu4
The EUR/USD has been labeled with a completed wave C (purple) and wave B (magenta), although price needs to break above the resistance trend line (red) for a confirmation of that wave count.

1 hour

29-05-2015eu1
The EUR/USD remains in a downtrend channel (red and light green lines) with a presence of a smaller bear flag (green and orange trend lines). The support (green) and resistance (red) are important lines whether the down trend continue or whether a reversal is more likely.

GBP/USD

4 hour

29-05-2015gu4
The GBP/USD has approached the confluence of support between 1.5250 and 1.51 (50%, 61.8%, 161.8%, horizontal line), which could be a bouncing spot for wave Y (blue).

1 hour

29-05-2015gu1
The GBP/USD is also in a downtrend channel (orange lines) and seems to be building an ending diagonal which has wave 4 (blue) overlapping in the price territory of wave 1 (blue). The invalidation level of the diagonal is the top of wave 2 (blue), which also would mean a break of the channel.

USD/JPY

4 hour

28-05-2015uj4
The USD/JPY’s value on the oscillator is retracing (red bars), which could be a first sign that a bigger wave 4 (magenta) retracement will occur (oscillator will get close to mid line in that case).

1 hour

29-05-2015uj1
The USD/JPY is most likely correcting within a wave 4 (magenta).

Twitter: @elitecurrensea

PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com

Thank you

Fibonacci Trading Strategy & Tools

Learn to apply Fibonacci rules and tools in your trading routine.

* free Fibonacci Handout

* actionable trading strategy & faq’s

* precise trading examples 

Free Forex & CFD Range Bar Trading System

In this trading system you will find: 

✅  range bar strategy pdf

MACD Alert

✅  Range Bar EA & Indicators

ecs.heiken-ashi-system & two indicators for trend-following

Two of our favorite indicators for trend-trading. 

✅  ecs.camarilla & ecs.heiken-ashi indicators

✅  actionable trading system & faq’s

✅  precise trading examples 

ecs.camarilla🎯🎯🎯 – versatile strategy & indicator

Nenad teaches how to apply his favorite camarilla indicator

✅  free ecs.camarilla indicator

✅  actionable trading strategy & faq’s

✅  precise trading examples 

ecs.SWAT🎯🎯🎯 – Wave Analysis Trading at It’s Best

Chris goes an extra mile to provide the most comprehensive
wave analysis trading method on the market.

✅  8 hours of video materials via 25 lessons

✅  lifetime access to SWAT indicators & tools

✅  free month of live trading

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀  

Fibonacci Sequence Trading🎯🎯🎯: Wizz Tool & Strategy

Wizz allows traders to know when and where price is expected to accelerate
and show strong momentum.

✅  Fibonacci Sequence Scripts – Wizz*

✅  Handout Strategy

✅  Tips & Trading Wisdom

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀  

ecs.START🎯🎯🎯: Tools, Indicators & Handouts

Our most popular trading tools and wisdom are FREE now. Join and receive a
mix of practical education and actionable trading tools right now.

✅  Fibonacci Sequence Scripts – Wizz*

✅  HA and Fibs Indicators & Handouts

✅  Money Management Tips & more…

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀  

Subscribe to our mailing list

* indicates required


Subscribe to our mailing list

* indicates required


ecs.START🎯🎯🎯: Tools, Indicators & Handouts

Our most popular trading tools and wisdom are FREE now. Join and receive a
mix of practical education and actionable trading tools right now.

✅  Fibonacci Sequence Scripts – Wizz*

✅  HA and Fibs Indicators & Handouts

✅  Money Management Tips & more…

*Currently 86% of profit setups at entry after the price hits above the 3d or 4th Wizz level 🚀🚀🚀