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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 129372, member: 37217"] EUR/USD Builds Higher High which Challenges 1.13 Resistance EUR/USD 4 hour [IMG]https://s3.postimg.org/h9657no0j/05-06-2017eu4.png[/IMG] The EUR/USD bounced at the support levels (green/blue) and showed one more bullish rally. The new higher high is challenging the 100% Fib level at 1.13 of wave 2 (green), which is a break or bounce zone. 1 hour [IMG]https://s10.postimg.org/ft9x3m789/05-06-2017eu1.png[/IMG] The EUR/USD is in a bullish trend channel (red/blue lines). The breakout direction above or below the channel could indicate the next trend direction. GBP/USD 4 hour [IMG]https://s3.postimg.org/jh7zgwudv/05-06-2017gu4.png[/IMG] The UK will hold general parliamentary elections on Thursday 8 June 2017. Find out everything you need to know to trade through the UK general election 2017. The GBP/USD is building a corrective pattern which is indicated by the trend lines. A break above it invalidates the wave 3 (blue) whereas a break below support (green) could confirm it. 1 hour [IMG]https://s2.postimg.org/vxwf1e2q1/05-06-2017gu1.png[/IMG] The GBP/USD is building a smaller triangle (yellow/green) within a larger triangle (red/dark green). USD/JPY 4 hour [IMG]https://s24.postimg.org/463dt9up1/05-06-2017uj4.png[/IMG] The USD/JPY failed to break above the next resistance trend line (red) and turned strongly bearish during the NFP (Non-Farm Payroll) news event. The new lower low indicates that the wave 5 (orange) is still open. 1 hour [IMG]https://s17.postimg.org/i0usg5jxb/05-06-2017uj1.png[/IMG] The USD/JPY needs to break below support (green) to complete wave 5 (orange). A break above the 61.8% Fibonacci level of wave 4 (purple) makes the wave 4 unlikely. In that case the wave 5 could have been completed at the recent low. 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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