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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 128007, member: 37217"] EUR/USD Breaks Above 1.10, USD/JPY Confirms Bearish ABC EUR/USD 4 hour [IMG]https://s30.postimg.org/u3ae47ug1/17-05-2017eu4.png[/IMG] The EUR/USD broke yesterday’s Fibonacci resistance levels and resistance trend lines (dotted red) which was an invalidation level for the bears and a confirmation level for the bulls. The wave count is now reflecting the bullish structure with an ABC (blue). Price is already attempting to break a bigger Fib (78.6%), which could indicate a continuation potential to the 88.6% at 1.1190. 1 hour [IMG]https://s18.postimg.org/86mapuhjd/17-05-2017eu1.png[/IMG] The EUR/USD broke above the resistance trend lines (dotted orange) and extended the bullish momentum. The strength of the impulse is indicating that the current push up is most likely a wave 3 (purple) which might be even completed yet. Price could move towards the Fibonacci targets first of wave 5 (pink) but eventually a wave 4 and 5 (purple) seem likely. USD/JPY 4 hour [IMG]https://s24.postimg.org/d0vd9hnut/17-05-2017uj4.png[/IMG] The USD/JPY indeed is completing an ABC (brown) zigzag correction as expected at the beginning of this week. Price is moving towards the Fibonacci targets of wave C (brown). 1 hour [IMG]https://s12.postimg.org/k5uoa9cgt/17-05-2017uj1.png[/IMG] The USD/JPY is building a wave 3 (orange), which could potentially still see further bearish extensions towards the Fibonacci targets of wave 3 (orange). A wave 4 (orange) correction is expected when the wave 3 is completed. GBP/USD 4 hour [IMG]https://s17.postimg.org/ypy5s88un/17-05-2017gu4.png[/IMG] The GBP/USD stopped at the 78.6% Fibonacci level of wave 2 (green). A break below the support trend line (green) could start a larger bearish correction whereas a break above resistance (orange) could see price make a bullish break. The bullish break however would probably create double divergence. 1 hour [IMG]https://s30.postimg.org/9p6e6q7dt/17-05-2017gu1.png[/IMG] The GBP/USD break above the 100% Fib invalidates the wave 2 (green) structure and confirms a bullish continuation potential for one more push higher. 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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