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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 127792, member: 37217"] US Dollar Completes Wave 1 and Starts Wave 2 Retracement EUR/USD 4 hour [IMG]https://s8.postimg.org/vedla76s5/15-05-2017eu4.png[/IMG] The EUR/USD indeed completed wave 1 (brown) as expected last week after breaking above the resistance trend line (dotted orange). Price could now be challenging the potential Fibonacci resistance of wave 2 (brown). 1 hour [IMG]https://s1.postimg.org/myfclijxb/15-05-2017eu1.png[/IMG] The EUR/USD could be building an ABC (blue) zigzag within wave 2 (brown) after it broke above the resistance trend lines (dotted orange). USD/JPY 4 hour [IMG]https://s28.postimg.org/5m26k8c19/15-05-2017uj4.png[/IMG] The USD/JPY broke below the support trend line (dotted blue) of the uptrend channel (blue/resistance), which could indicate the completion of the wave 5 (brown). The bearish break could indicate the start of a larger bearish ABC correction (brown). 1 hour [IMG]https://s11.postimg.org/nug3mxm3n/15-05-2017uj1.png[/IMG] The USD/JPY is building a bearish trend channel (orange/blue lines) after completing 5 bearish waves (brown). Price could now be retracing with a potential wave B (brown). GBP/USD 4 hour [IMG]https://s4.postimg.org/z9hiwb819/15-05-2017gu4.png[/IMG] The GBP/USD broke below the support line (dotted green), which could indicate a larger retracement or reversal such as a wave 1 (green). 1 hour [IMG]https://s9.postimg.org/5u6ebp5m7/15-05-2017gu1.png[/IMG] The GBP/USD broke above the resistance level (dotted orange) after completing 5 bearish waves (blue). Price could now be building an ABC (blue) zigzag within wave 2 (green). 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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