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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 125879, member: 37217"] [B]EUR/USD Bearish Divergence Creates Bullish Break above 1.06[/B] EUR/USD 4 hour [IMG]https://s8.postimg.org/f7cj7m82d/13-04-2017eu4.png[/IMG] The EUR/USD is finally breaking above the resistance trendline (dotted red) after having built divergence between the bottoms (purple line). This bullish breakout could spark a retracement within wave 2 vs 1 (green). 1 hour [IMG]https://s14.postimg.org/ea4lq2wqp/13-04-2017eu1.png[/IMG] The EUR/USD built a corrective ABC (pink) zigzag as expected to the Fibonacci levels of wave X (orange). Price turned at the 61.8% Fibonacci support level and then broke above the mini trendline (dotted orange). Price is now probably heading towards 1.07, which is the 38.2% Fib of wave 2 vs 1 on the 4 hour chart. GBP/USD 4 hour [IMG]https://s8.postimg.org/p4dt8z64l/13-04-2017gu4.png[/IMG] The GBP/USD bullish breakout is still pushing to higher levels within a wave Y (blue), but the price is approaching larger resistance levels (brown/red). This decision zone could see a bearish bounce and turn, whereas a break above the previous top of the triangle (red line) would invalidate wave E (green). 1 hour [IMG]https://s14.postimg.org/ysvgo1poh/13-04-2017gu1.png[/IMG] The GBP/USD is probably building another 5 wave pattern (purple) within wave 5 (pink). The wave 4 (purple) is invalidated if the price manages to retrace deeper than the top of wave 1 (green line). USD/JPY 4 hour [IMG]https://s23.postimg.org/4we5bwktn/13-04-2017uj4.png[/IMG] The USD/JPY bearish breakout is so far not showing any signs of slowing down, despite the fact that price is near a 50% Fibonacci level of wave 4 (purple). A strong push below 109 would make a continuation towards the 61.8% Fibonacci retracement likely (plus a new wave structure). 1 hour [IMG]https://s7.postimg.org/5f13ce1h7/13-04-2017uj1.png[/IMG] The USD/JPY could soon show divergence between the two bottom, which is typical for a wave 3 and 5 wave structure (purple). Price has also reached the bottom of the channel (green line), which could act as a support level. A bullish bounce above 108.50 could still be considered a reaction to the 50% Fibonacci level of wave 4 vs 3. Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates [/QUOTE]
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