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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 133809, member: 37217"] EUR/USD ABC Zigzag Challenges Support Zone and Aims at 1.16 EUR/USD 4 hour [ATTACH=full]10202[/ATTACH] The EUR/USD bearish retracement bounced at the support zone (blue lines), which might indicate that the wave A (purple) retracement has been completed. The wave A is part of a larger ABC correction within wave 4 (green) which could fall towards the 23.6% Fibonacci level of wave 4 vs 3. 1 hour [ATTACH=full]10203[/ATTACH] The EUR/USD broke below the support trend line (dotted green) and completed a wave 5 (orange), which in turn could complete a larger wave A (purple). Now price is building a falling wedge chart pattern, which is a bullish reversal pattern. A break above the resistance trend line (orange) would confirm the break and potential ABC (brown) correction within wave B (purple). A break below the support trend line (blue) could indicate a bearish breakout towards the 23.6% Fib at 1.16. USD/JPY 4 hour [ATTACH=full]10204[/ATTACH] The USD/JPY is testing a larger support trend line (blue) from the daily support at 109.50. A bearish break could see price continue lower within wave C (brown). 1 hour [ATTACH=full]10205[/ATTACH] The USD/JPY seems to have completed a potential 5 wave which could be a wave 1 (orange). A break below support (green) could indicate the continuation of the bearish trend. GBP/USD 4 hour [ATTACH=full]10206[/ATTACH] The GBP/USD seems to have completed 5 bearish waves within wave 1 (red). A bullish retracement could be part of a wave 2 (red). 1 hour [ATTACH=full]10207[/ATTACH] The GBP/USD has support and resistance trend lines which could offer breaking spots for the Cable. A bullish breakout could a wave C (purple) develop whereas a bearish break could see the downtrend continue. 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 Forex and education tips. [I]Risk disclosure: Forex and CFD trading carries a high level where losses can exceed your deposits. This material is does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that the trading analyses which refers to past performance, may change over time. No representation is given as to the accuracy or completeness of the information and any person acting upon it does so entirely at their own risk. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.[/I] [/QUOTE]
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