Forex Wave Structure during Massive Price Movements

EUR/USD

4 hour

The EUR/USD acceleration was a tremendous market movement which was also seen in other financial instruments across the globe. The peak is most likely a wave 3 (green) of a wave A (blue) or alternatively a wave C.

1 hour

The strongest and most impulsive price action most likely completed a wave 3 (green) and the current corrective retracement is indicating the potential of a wave 4 (green).

GBP/USD

4 hour

The GBP/USD broke above the resistance trend line (dotted red). Price is now moving towards the Fibonacci retracement levels which are targets.

1 hour

The GBP/USD broke above the resistance (orange dotted) trend line and has hooked back to the 50% Fibonacci retracement level. This is most likely part of a bullish ABC zigzag.

USD/JPY

4 hour

The USD/JPY’s decline has been extremely steep similar to the movement on the EUR/USD.

1 hour

The massive bearish momentum was part of wave 3 (purple) which most likely has been completed since price bounced back to the 50% Fibonacci retracement level. Waves typical find a turning spot at the wave 4 of a lower level which in this case is wave 4 green.

Twitter: @elitecurrensea

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

Thank you