EU, GU Approaching Fibonacci Retracement Levels of Wave B

3 min read

EUR/USD

4 hour

07-04-2015eu4

The EUR/USD is approaching potential support at the Fibonacci levels of wave B (magenta) and at a trend line (green).

1 hour

07-04-2015eu1
The EUR/USD has completed a 5th wave within wave A (purple). The most likely scenario is a zigzag correction (ABC – purple) considering the momentum during the FOMC event.

GBP/USD

4 hour

07-04-2015gu4
The GBP/USD failed to break above the 1.50 psychological round number and could be building on an ascending wedge (horizontal resistance but upward support).

1 hour

07-04-2015gu1

The GBP/USD is approaching potential support at the Fibonacci levels of wave B (magenta) and at a trend line (green).

USD/JPY

4 hour

07-04-2015uj4
The USD/JPY is approaching a potential zone of resistance, which is indicated by the two orange trend lines.

1 hour

07-04-2015uj1
The wave count is showing a potential zigzag (ABC purple) but this is vulnerable to change due to the contracting triangle (green and yellow trend lines).

 

PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com

Thank you

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X