EUR/USD Hits 23.6% Fibonacci Retracement Level of Wave 4

3 min read

EUR/USD

4 hour

04-05-2015eu4
The EUR/USD has reached a key resistance level of 23.6% Fibonacci level of wave 4 (green). Therefore it seems most probable that a retracement will occur for wave X (magenta).

1 hour

04-05-2015eu1

The rising wedge chart pattern (light green and orange) broke and could be correcting lower with an ABC (light green) that completes wave W (dark green).

GBP/USD

4 hour

04-05-2015gu4

The GBP/USD has completed a wave W (grey) of perhaps an even bigger wave B (black) correction.

1 hour

04-05-2015gu1

The first ABC zigzag (green) completed wave W (blue), which was indeed followed by a wave X (blue). The latest fall could be another ABC zigzag (green) but now of wave Y (blue).

USD/JPY

4 hour

04-05-2015uj4

The USD/JPY seems to be building a contracting wedge chart pattern (magenta) which would require a wave D and E to complete wave 4 (brown red).

1 hour

04-05-2015uj1

An ABC correction (purple) has been completed within wave D (magenta) but this could be only part of bigger WXY correction (within wave D).

Twitter: @elitecurrensea

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

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