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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 134434, member: 37217"] EUR/USD Develops Bull Flag Chart Pattern at Support Zone EUR/USD 4 hour [ATTACH=full]10401[/ATTACH] The EUR/USD is building a bull flag continuation chart pattern above the long-term trend line (blue), local support (blue), and long-term moving average, which favours a wave 4 (green) correction. A bullish break above resistance (red) would confirm the end of wave 4 and start of wave 5. 1 hour [ATTACH=full]10402[/ATTACH] The EUR/USD seems to be building a wave 1-2 (purple) as long as price stays above the 100% Fib level of wave 2 vs 1. A break above resistance (red) line could see the start of wave 3. USD/JPY 4 hour [ATTACH=full]10403[/ATTACH] The USD/JPY has retested key support zone (green lines), which will act as bounce or break spot. A bullish bounce could see price expand a wave B (brown) correction via an ABC (orange) flat whereas a bearish break would indicate a downtrend continuation and the completion of wave B (brown) at 111 (where A orange is now). 1 hour [ATTACH=full]10404[/ATTACH] The USD/JPY is testing the resistance trend line of the bearish channel (orange lines). GBP/USD 4 hour [ATTACH=full]10405[/ATTACH] The GBP/USD could have completed a 5th wave (purple) within wave 1 (red). A bearish bounce at the resistance trend line (red) could see price move lower towards the Fib targets of wave 5. 1 hour [ATTACH=full]10406[/ATTACH] A GBP/USD bullish break above resistance (red/orange) could see the start of a wave 2 (red). Follow @ChrisSvorcik on twitter for latest market updates. Connect with Chris Svorcik 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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