EUR/USD at Crucial 1.08 Price Level

EUR/USD

4 hour

The EUR/USD has approached the previous bottom (green), which is a major bounce or break spot and a potential indicator of intermediate direction of the market.

1 hour

The EUR/USD wave C (blue) has reached the typical 100% Fibonacci target and could use it for a bounce. The 2^nd most likely target is the 161.8% Fibonacci level.

GBP/USD

4 hour

The GBP/USD is at the bottom of the uptrend channel (blue lines). The current correction is most likely part of a wave X (green).

1 hour

The GBP/USD seems to be building a consolidation zone between the resistance (red) and support (blue) trend lines.

USD/JPY

4 hour

The USD/JPY has kept pushing higher which due to its momentum has been labeled a wave A (lavender).

1 hour

The USD/JPY has broken the rising wedge chart pattern (blue and red lines), which could indicate the potential for wave A (lavender) to be completed. If price does push higher then it could go towards the Fibonacci targets.

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Please note that the update is posted with permission from Admiral Markets

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