Completed ABC Structures Connect to Larger Corrections

EUR/USD

4 hour

The EUR/USD could have completed an ABC zigzag correction (blue) during yesterday’s trading. The ABC could be part of a bigger WXY (lavender) correction.

1 hour

The EUR/USD stopped at the 100% Fibonacci target which confirms that an ABC development seems more likely.

GBP/USD

4 hour

The GBP/USD turned around back down at the resistance level (red). Price could still find support at the Fibonacci levels of wave X (green) and the support trend line (green).

1 hour

The GBP/USD seems to have completed an ABC zigzag (magenta) which took price back to the support trend line (blue) and the 50% Fibonacci level. This can turn out to be a small bullish bouncing spot although more bearish correction as part of wave Y (orange) could occur.

USD/JPY

4 hour

The USD/JPY could be building an ABC (lavender) formation within wave X (green).

1 hour

The USD/JPY is building a consolidation which is most likely best explained by a wave B (lavender). A break below support (green) could see price complete an ABC (lavender) zigzag.

Twitter: @elitecurrensea

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

Thank you