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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 135003, member: 37217"] EUR/USD Break, Pullback and Continuation Pattern at 1.20 Resistance EUR/USD 4 hour [URL='https://f.bpcdn.co/original/3X/8/0/80f79c4357cd8dc445ed663290fa6b511015e548.png'][IMG]https://f.bpcdn.co/optimized/3X/8/0/80f79c4357cd8dc445ed663290fa6b511015e548_1_690x311.png[/IMG] 30-08-2017eu4.png1668x754 215 KB[/URL] The EUR/USD broke above the 1.20 round level resistance and continued its bullish momentum towards the 23.6% Fibonacci target at 1.2075. Price made a strong bearish retracement after hitting this target and fell back to the 38.2% Fibonacci support level of wave 4 (purple), which could be a potential support zone within wave 5 (green). 1 hour [URL='https://f.bpcdn.co/original/3X/b/b/bb43716e3f2c9134474e2d8c3cf428dcca165b91.png'][IMG]https://f.bpcdn.co/optimized/3X/b/b/bb43716e3f2c9134474e2d8c3cf428dcca165b91_1_690x311.png[/IMG] 30-08-2017eu1.png1668x753 205 KB[/URL] The EUR/USD is most likely in a wave 4 (purple) correction when considering the strong bullish momentum within wave 3 (purple). A break below the 61.8% Fibonacci level of wave 4 vs 3 makes the wave 4 (purple) unlikely. A typical correction pattern for wave 4 (purple) is an ABCDE contracting triangle. USD/JPY 4 hour [URL='https://f.bpcdn.co/original/3X/1/4/140761cf2354a769f5c062d979a65e4cb3f86eb4.png'][IMG]https://f.bpcdn.co/optimized/3X/1/4/140761cf2354a769f5c062d979a65e4cb3f86eb4_1_690x327.png[/IMG] 30-08-2017uj4.png1668x791 235 KB[/URL] The USD/JPY failed to break the support zone (green) indicated by the green lines. The bearish price action now looks like an ABC (purple) correction within wave B (orange) and price is building a wave C within wave B (brown). 1 hour [URL='https://f.bpcdn.co/original/3X/2/5/258899fac31af2da58bc79fb846d520c26ca2c82.png'][IMG]https://f.bpcdn.co/optimized/3X/2/5/258899fac31af2da58bc79fb846d520c26ca2c82_1_690x326.png[/IMG] 30-08-2017uj1.png1668x790 212 KB[/URL] The USD/JPY bullish momentum is probably a wave 3 (purple). Once wave 3 is completed, a wave 4 (purple) correction could take place back to the Fib levels of wave 4 vs 3 which could cause a potential bullish bounce. GBP/USD 4 hour [URL='https://f.bpcdn.co/original/3X/a/9/a91d8ebf3b25c1f5300a9c4b1e002240c4553aa1.png'][IMG]https://f.bpcdn.co/optimized/3X/a/9/a91d8ebf3b25c1f5300a9c4b1e002240c4553aa1_1_690x326.png[/IMG] 30-08-2017gu4.png1668x790 231 KB[/URL] The GBP/USD bullish momentum has probably completed a wave A (purple), which stopped at the 38.2% Fibonacci resistance level. Price could now be building a correction within wave B (purple). 1 hour [URL='https://f.bpcdn.co/original/3X/1/1/1148aff6b53e790de7554a78fd656f77d0245492.png'][IMG]https://f.bpcdn.co/optimized/3X/1/1/1148aff6b53e790de7554a78fd656f77d0245492_1_690x326.png[/IMG] 30-08-2017gu1.png1668x790 238 KB[/URL] The GBP/USD completed a 5 wave (grey) pattern within wave A (purple). Price is now building a potential ABC correction (grey) within wave B (purple). 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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