EUR/USD & GBP/USD Arrive at Decisive Resistance Zone

EUR/USD

4 hour

The EUR/USD bullish momentum is now near a sturdy confluence of resistance (red/Fib target).

1 hour

The EUR/USD made one more bullish bounce last week as part of a wave 4 and 5 (purple). It seems likely that wave 5 has been completed at the most recent high once price manages to break below support (green). Just above price is a strong zone of resistance (red/Fib target).

GBP/USD

4 hour

The GBP/USD has arrived at a strong confluence of resistance trend lines (red/orange) within the down trend channel (brown).

1 hour

The GBP/USD seems to have completed 5 waves (grey) at the 61.8% Fibonacci target (orange) and top of the channel (orange), which could initiate bearish price action after completing an ABC correction (green).

USD/JPY

4 hour

The USD/JPY has turned in a downtrend with lower lows and lower highs and a pullback could see resistance at the Fibonacci levels.

1 hour

The USD/JPY completed a wave 4 and 5 (pink) within a wave A (orange). Price now seems to be retracing back for a wave B (orange).

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

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