EUR/USD Long-term Resistance at 38.2% Fib Wave 4

EUR/USD

4 hour

The EUR/USD momentum burst has moved price up to the long-term 38.2% Fibonacci retracement level of wave 4 (blue). A bearish turn around for a blue wave 5 could potentially occur anywhere between 1.17 and 1.18, which is a strong resistance zone.

1 hour

The strong momentum could indicate the potential for one more bullish push to complete wave 5 (light blue), which could turn out to be truncated (unable to break the top) due to the wave 4 (blue) resistance.

GBP/USD

4 hour

The GBP/USD showed a bearish retracement after hitting the 61.8% Fibonacci level. A bullish continuation could indicate the potential for price to move up to the 100% Fibonacci target.

1 hour

The GBP/USD made a deep retracement back to the 78.6% Fibonacci level and bottom of the uptrend channel (green).

USD/JPY

4 hour

The USD/JPY’s bearishness could be part of a larger ABC correction. For the moment the wave count is favoring a wave 3 (purple) within a wave 3 (brown), which later on could complete a bigger wave A (not on the chart yet).

1 hour

The USD/JPY rallied via an ABC formation back to the 50% Fibonacci retracement level. A bearish break of the trend line (green) could see price fall to lower levels as part of wave 5 (purple) whereas a bullish break (oranges) could see price retrace to a higher Fib level.

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

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