Trend Channels Identify S&R Spots within Waves

EUR/USD

4 hour

The EUR/USD is glued to an important support level at 1.08(20), which is indicated by the horizontal line (green). A break could see price move lower to the next target whereas a bounce could see price make a move up to the next resistance (red).

1 hour

The EUR/USD is in a shallow angled bearish channel. The top and bottom of the channel show potential break spots.

GBP/USD

4 hour

The GBP/USD is breaking below the bullish channel (blue) but could find support at the Fibonacci levels of wave X (green) and the shallower trend lines (green).

1 hour

Despite the break the GBP/USD is still supported by a trend line (light blue) and a 38.2% Fibonacci retracement level whereas resistance is marked by orange and red.

USD/JPY

4 hour

The USD/JPY is close to hitting the 78.6% retracement Fibonacci level of the last bearish swing (wave X green), which could turn out to be a resistance level.

1 hour

The USD/JPY is in a channel with a very shallow bullish angle. The top and bottom of the channel show potential break spots.

Twitter: @elitecurrensea

Please note that the update is posted with permission from Admiral Markets
read the original article on AdmiralMarkets.com

Thank you