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Technical Analysis
Elliot Wave Analysis by Admiral Markets
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[QUOTE="Admiral Markets Group, post: 136320, member: 37217"] Bullish EUR/USD, GBP/USD Test Resistance Fibonacci Levels EUR/USD 4 hour [URL='https://f.bpcdn.co/original/3X/a/e/ae4f4cbb81bca572162ea2f56991180c01e62dad.png'][IMG]https://f.bpcdn.co/optimized/3X/a/e/ae4f4cbb81bca572162ea2f56991180c01e62dad_1_690x311.png[/IMG] 22-09-2017eu4.png1668x754 236 KB[/URL] The EUR/USD is probably in an extended correction within wave 4 (blue) when considering the sideways price movement between support (green) and resistance (red). Currently I’m expecting a longer wave Y (red) because from a time perspective the current wave seems short when compared to wave X and Y (red). 1 hour [URL='https://f.bpcdn.co/original/3X/7/7/7715ce3a4d9c5c9d22552fb40c8c0b2397aa2f3c.png'][IMG]https://f.bpcdn.co/optimized/3X/7/7/7715ce3a4d9c5c9d22552fb40c8c0b2397aa2f3c_1_690x326.png[/IMG] 22-09-2017eu1.png1668x790 216 KB[/URL] The EUR/USD could perhaps be building an ABC (purple) zigzag correction within wave Y (red). The confirmation could be a bearish candlestick pattern at the Fibonacci levels of wave B (purple) or a break of the support trend line (blue). A break above the resistance trend line (orange) and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation. GBP/USD 4 hour [URL='https://f.bpcdn.co/original/3X/5/d/5d7fac08b4048a0c1a6478d979ee4267524c5e6c.png'][IMG]https://f.bpcdn.co/optimized/3X/5/d/5d7fac08b4048a0c1a6478d979ee4267524c5e6c_1_690x311.png[/IMG] 22-09-2017gu4.png1668x752 207 KB[/URL] The GBP/USD bounced at the support trend line (green). The bounce could be part of the wave 4 (blue) correction as typically waves 4 are lengthy consolidation patterns. 1 hour [URL='https://f.bpcdn.co/original/3X/b/b/bb4bda75bacc49bd1e28940ead8d0c682604c740.png'][IMG]https://f.bpcdn.co/optimized/3X/b/b/bb4bda75bacc49bd1e28940ead8d0c682604c740_1_690x312.png[/IMG] 22-09-2017gu1.png1668x755 203 KB[/URL] The GBP/USD is probably building an ABC (grey) correction within wave B (purple) but a break above the resistance trend lines and 78.6% Fib of wave B vs A with strong candles could indicate uptrend continuation. USD/JPY 4 hour [URL='https://f.bpcdn.co/original/3X/0/a/0a8de71ae7407896121681d431451206b965405b.png'][IMG]https://f.bpcdn.co/optimized/3X/0/a/0a8de71ae7407896121681d431451206b965405b_1_690x312.png[/IMG] 22-09-2017uj4.png1668x755 200 KB[/URL] The USD/JPY did not manage to break above the resistance trend line (red) and bounced back down. Price is now testing a support trend line (green). 1 hour [URL='https://f.bpcdn.co/original/3X/4/2/42c619dfc46d9c8b9f2c209a2ded6d0c2c4070a4.png'][IMG]https://f.bpcdn.co/optimized/3X/4/2/42c619dfc46d9c8b9f2c209a2ded6d0c2c4070a4_1_690x311.png[/IMG] 22-09-2017uj1.png1668x754 210 KB[/URL] The USD/JPY could be a wave 123 (orange) which could be part of a larger ABC correction. 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 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 an independent financial advisor to ensure you understand the risks involved.[/I] [/QUOTE]
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