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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 134678, member: 37217"] EUR/USD Retests Resistance of Bull Flag Pattern at 1.1825 EUR/USD 4 hour [ATTACH=full]10483[/ATTACH] The EUR/USD is challenging the resistance trend line (red) of the bull flag chart pattern. At the moment it is unable to break and a correction back to the support trend lines is possible. The next breakout above resistance (red) of the contracting triangle pattern should see the continuation of wave 3 (blue). 1 hour [ATTACH=full]10482[/ATTACH] The EUR/USD has arrived at a break spot. A break below support (light green) could see price challenge the bigger support zones (green/blue) and perhaps even the 23.6% Fib of wave 4 vs 3, whereas a break above resistance could lead to an uptrend continuation. There is the possibility of an ABC (brown) correction before wave 4 (green) is ready but a break above the major resistance (red) would invalidate that and indicate a potential bullish breakout. USD/JPY 4 hour [ATTACH=full]10487[/ATTACH] The USD/JPY is again retesting the support zone (green lines). A bounce could see price move higher towards the Fib levels of wave B vs A whereas a bearish break could indicate a downtrend continuation. 1 hour [ATTACH=full]10486[/ATTACH] The USD/JPY is building a channel (red/blue lines) at the support zone (green). GBP/USD 4 hour [ATTACH=full]10485[/ATTACH] The GBP/USD is moving lower within the downtrend channel (red). The round quarter level of 1.2750 could act as a support zone. 1 hour [ATTACH=full]10484[/ATTACH] The GBP/USD indeed completed a wave 4 (green) correction and is moving lower in a smaller channel (orange lines). 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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