Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts. More education, analytics, articles, and webinars can be found daily on Admiral Markets.
The EUR/USD could be building a larger ABC correction (red) within the wave 4 (blue). A break below the support trend line (blue) confirms the potential bearish breakout for wave 4 whereas a break above the top at 1.2070 invalidates the ABC zigzag (although an ABC flat is still possible). If a bullish break occurs, then there is a chance that an uptrend continuation might occur towards 1.2150 and 1.2250.
The EUR/USD bullish price action is probably part of a wave 3 (blue) momentum.
The EUR/USD bullish momentum could be part of a wave A (brown). The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.
The USD/JPY is caught in between a support zone (green) and resistance trend line (dark red). Price seems to have bounced at the support zone and is testing a minor resistance zone (red box) in the middle of the range.
The USD/JPY is also in a larger triangle chart pattern with support (blue) and resistance (red) nearby.
The USD/JPY is most likely in a wave B (green) correction at the moment. Price could test lower Fibs like the 50%-61.8% Fib or show a break above resistance (red) and start wave C.
The GBP/USD is probably building a wave 1-2 (red) wave structure and could complete a potential head and shoulders chart pattern at the resistance zone (orange).
The GBP/USD seems to be completing an ABC (brown) correction at the resistance trend lines (brown/red). This could be part of a larger wave 4 (purple) correction unless price breaks above the resistance trend line (brown).
The GBP/USD could be in a wave 4 (purple) if price manages to break below support and stay below the 50-61.8% Fibonacci level of wave 4 vs 3.