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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 127460, member: 37217"] EUR/USD Breaks RW and Builds First Bearish Wave EUR/USD 4 hour [IMG]https://s21.postimg.org/56ecx63av/10-05-2017eu4.png[/IMG] The EUR/USD broke the support trend line (dotted blue) of the rising wedge (RW) reversal chart pattern (red/blue). The bearish breakout could be part of a larger reversal, which is reflected in the 1-2 wave count (brown). The alternative scenario would be a bearish retracement within a larger uptrend continuation, which at the moment would require a break above the top. 1 hour [IMG]https://s10.postimg.org/m52gi0u3t/10-05-2017eu1.png[/IMG] The EUR/USD wave 4 (blue) respected the shallow Fibonacci level of 23.6% before breaking support (dotted blue) and price has reached the 61.8% Fibonacci target of wave 5 (blue). Price could either retrace as part of wave 2 on 4 hour chart or break the bottom and continue with 5 (blue). GBP/USD 4 hour [IMG]https://s15.postimg.org/4ufq7n8tn/10-05-2017gu4.png[/IMG] The GBP/USD is moving higher in an uptrend channel which is indicated by the support (green) and resistance (red) trend lines. A bullish break could see price move towards the Fibonacci targets of wave 5 (purple) whereas a bearish break could start a reversal. 1 hour [IMG]https://s9.postimg.org/ss5k89b9r/10-05-2017gu1.png[/IMG] The GBP/USD tested the previous top (green) of wave 1 (grey) but did not break and therefore the wave 4 (grey) could still be valid. A break above resistance (orange) could see a bullish break for wave 5 (grey). USD/JPY 4 hour [IMG]https://s29.postimg.org/7iw3sx9ev/10-05-2017uj4.png[/IMG] The USD/JPY is building an uptrend channel which is indicated by the support (blue) and resistance (red) trend lines and moving towards the Fib targets of wave 5 (brown). 1 hour [IMG]https://s8.postimg.org/exro08rrp/10-05-2017uj1.png[/IMG] The USD/JPY is extending the bullish 5th wave (brown/orange) with another 5 waves (grey). The wave 4 (grey) is invalidated if price breaks below the 61.8% Fibonacci level. Follow [URL='https://twitter.com/ChrisSvorcik']@ChrisSvorcik[/URL] on twitter for latest market updates. Connect with [URL='https://www.facebook.com/profile.php?id=100009628491889']Chris Svorcik[/URL] on Facebook for latest market updates. [/QUOTE]
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