Please find here below this week's wave analysis on the EUR/USD, GBP/USD and USD/JPY daily, weekly and monthly charts.
The EUR/USD broke below the support (dotted blue) of the range and corrective zone, which is indicating that price is probably in a wave 5 (pink) of wave A (purple).
The EUR/USD seems to be building a bearish ABC (purple) correction within wave B (red).
The EUR/USD has completed wave A (red) and price is most likely retracing to the Fibonacci levels of wave B (red).
The GBP/USD broke the support line (dotted blue) of the downtrend channel, which is indicating a potential impulsive wave 3 (blue).
The GBP/USD has probably started the bearish wave 5 after price has completed a wave 4 (light purple) correction.
The GBP/USD bearish breakout is probably indicating the start of wave 5 (purple), whereas a bullish break above resistance (red) indicates that a different wave pattern is valid.
The USD/JPY broke below the support trend lines (dotted blue) which is probably part of a bearish ABC (red) within the final leg wave E (light purple) of the triangle pattern.
The USD/JPY could be building an ABCDE triangle (light purple) within wave B (red).
The USD/JPY is in the wave E (light purple) of the triangle pattern.
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.