Sluggish Forex Market Builds Tough S&R Levels
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EUR/USD
4 hour
The EUR/USD wave count is very vulnerable to change with the lingering insecurity of any euro zone news.
1 hour
Price has stopped at the 50% Fibonacci level of the wave A (blue), which had a strong impulse. A potential wave C could take place if price break above resistance.
GBP/USD
4 hour
The GBP/USD attempted to make a bullish break but eventually it reversed back to the mean. Price remains in between clear wedge lines.
1 hour
The range resistance (orange and later on red) will need to be broken before the uptrend can continue. A break below support invalidates this count.
USD/JPY
4 hour
The USD/JPY has bounced at the support level around 122 (green lines). A break above red is needed before the correction (wave Ys) can be considered completed.
1 hour
The USD/JPY is in a short-term range which is defined by the long-term support (green) and intra-week resistance (orange).
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Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com
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