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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 128127, member: 37217"] EUR/USD Bullish Momentum Explained by 3rd Wave EUR/USD 1 hour [IMG]https://s27.postimg.org/eqna7rkqr/18-05-2017eu1.png[/IMG] The EUR/USD bullish momentum continued strongly yesterday breaking above 1.11 and heading towards the next round level of 1.12. The bullish push can be explained by the wave 3 pattern (purple) which is known for its strong momentum. The bullish momentum could now however reach a moment where it will be retracing for a corrective wave 4 (purple). The Fibonacci levels of wave 4 could act as support. 4 hour [IMG]https://s21.postimg.org/fvolno3nb/18-05-2017eu4.png[/IMG] On one time frame higher the EUR/USD could be building an ABC (blue) zigzag which could face resistance at the 88.6% Fibonacci level. USD/JPY 4 hour [IMG]https://s8.postimg.org/50yz8hkxx/18-05-2017uj4.png[/IMG] The USD/JPY continued with the ABC (brown) zigzag correction yesterday, which has reached the 61.8% Fibonacci level (of the 5 waves (brown)). This could cause a retracement. 1 hour [IMG]https://s13.postimg.org/o4k3npoon/18-05-2017uj1.png[/IMG] The USD/JPY bearish third wave 3 (orange) seems to have reached a support level which could cause a wave 4 (orange) correction. The Fibonacci levels of wave 4 (orange) are therefore potential resistance levels. GBP/USD 4 hour [IMG]https://s29.postimg.org/4dhikhg3r/18-05-2017gu4.png[/IMG] The GBP/USD remains in an uptrend channel (red/green) and price is challenging the top (red). Price poked through the previous top and hence a bullish wave 5 (orange) seems more likely at this moment. 1 hour [IMG]https://s30.postimg.org/apaf7ppy9/18-05-2017gu1.png[/IMG] The GBP/USD break above resistance (red) could see a wave 3 (purple) develop whereas a break below support (blue) could see price continue within the correction. 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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