Sluggish Forex Market Builds Tough S&R Levels

3 min read

EUR/USD

4 hour

01-07-2015eu4

The EUR/USD wave count is very vulnerable to change with the lingering insecurity of any euro zone news.

1 hour

01-07-2015eu1

Price has stopped at the 50% Fibonacci level of the wave A (blue), which had a strong impulse. A potential wave C could take place if price break above resistance.

GBP/USD

4 hour

01-07-2015gu4

The GBP/USD attempted to make a bullish break but eventually it reversed back to the mean. Price remains in between clear wedge lines.

1 hour

01-07-2015gu1

The range resistance (orange and later on red) will need to be broken before the uptrend can continue. A break below support invalidates this count.

USD/JPY

4 hour

01-07-2015uj4

The USD/JPY has bounced at the support level around 122 (green lines). A break above red is needed before the correction (wave Ys) can be considered completed.

1 hour

01-07-2015uj1

The USD/JPY is in a short-term range which is defined by the long-term support (green) and intra-week resistance (orange).

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com

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