The EUR/USD dropped significantly during this week’s opening after negotiations failed between Greece and its creditors over the weekend.
The bearish momentum could bring price to lower levels as part of an ABC (green).
Any price movement that goes below 1.56 would invalidate the current wave 4 (magenta) count.
Whether the wave 4 (magenta) has been completed depends on whether it can break above resistance.
The USD/JPY’s bearish price action failed to break the support levels and remains in the wedge.
The USD/JPY could extend the bearish momentum with an ABC if it manages to break below support.
Please note that the update is posted with permission from Admiral Markets
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