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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 128872, member: 37217"] EUR/USD Builds Bull Flag Pattern or Bearish Channel EUR/USD 4 hour [IMG]https://s24.postimg.org/v4rzmetwl/29-05-2017eu4.png[/IMG] The EUR/USD failed to break above the 1.1250 resistance zone so far which is a major decision zone for either a bullish breakout or a bearish reversal. The critical level is the 100% Fibonacci at 1.1268: a break above this resistance top invalidates wave 2 (blue) whereas a break above 1.13 invalidates another bearish wave 2 (green). A bearish reversal, however, could see price break below support (blue). 1 hour [IMG]https://s18.postimg.org/rnjvelb4p/29-05-2017eu1.png[/IMG] The EUR/USD seems to have completed a wave 2 (blue) but a break below the support trend line (blue) is needed before a wave 3 (blue) could unfold. A break above the resistance line (red) invalidates the current bearish wave structure. At the moment the EUR/USD is either building a bull flag continuation chart pattern or the start of a bearish reversal, which will depend on the direction of the breakout. GBP/USD 4 hour [IMG]https://s24.postimg.org/44ylkm4r9/29-05-2017gu4.png[/IMG] The GBP/USD broke below the support trend line (dotted green) and reached the 161.8% Fibonacci target of wave 3 (blue). Price could still fall towards lower Fib targets if price can extend its decline. 1 hour [IMG]https://s13.postimg.org/ex7vk082f/29-05-2017gu1.png[/IMG] The GBP/USD could be building a 5 wave (orange) expansion within wave 3 (blue). The wave 4 (orange) retracement Fibonacci levels could act as resistance but a break above the 61.8% makes 4th wave unlikely. USD/JPY 4 hour [IMG]https://s24.postimg.org/if2qkyvf9/29-05-2017uj4.png[/IMG] The USD/JPY is in a triangle formation with support (blue) and resistance (orange) nearby. A bearish break could see price fall towards the Fibonacci retracement levels of wave B (blue). 1 hour [IMG]https://s24.postimg.org/5fk7i2jf9/29-05-2017uj1.png[/IMG] The USD/JPY could be in wave 4 (purple) unless price breaks above the bottom of wave 1 (orange line). 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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