Forex majors reach key Fibonacci levels
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EUR/USD
4 hour
The EUR/USD has reached the 100% Fibonacci target of wave C vs. A (green). If price corrects with a shallow retracement and shows a contracting formation, then the wave count will most likely change to a 12345 instead of the current ABC.
1 hour
Within the wave C (green) the EUR/USD could still have 1 more bullish continuation remaining if price can break above resistance. Yesterday the EUR/USD bounced off a shallow Fib level which confirmed the wave 4 (orange).
GBP/USD
4 hour
The GBP/USD bullish momentum has (almost) hit the 38.2% Fibonacci level of wave 4, which could be a bearish bouncing spot. Price might use the support trend line (green) to make one more small bullish bounce and reach 1.47. The entire wave 4 (purple) does not have to be completed and will depend on how impulsively price in the upcoming days.
1 hour
The GBP/USD 1 hour is unclear at the moment whether wave C (pink) is completed or will still push higher. There could be one more bullish push remaining similar to complete wave 5 (green).
USD/JPY
4 hour
The USD/JPY is near the strong horizontal support levels (blue), which could cause price to make a bullish bounce. The ABC (green) wave count will change to a 123 if price breaks below the support or if price builds a shallow retracement such as a contracting triangle.
1 hour
The USD/JPY could be close to completing the 5th wave (pink), although price could still fall to hit the support levels (blue).
Article is added with permission from Admiral Markets
