The EUR/USD is having a bullish bounce near the daily bottom (green horizontal line).
The bullish break above resistance (dotted red) is currently lacking momentum as price has only reached the 100% Fibonacci target. If price does not manage to move higher, then the 123 (green) will most likely turn out to be an ABC correction.
Price bounced back up at the 38.2% Fibonacci retracement level.
The GBP/USD could be building a zigzag (ABC magenta) formation within wave Y (green).
The USD/JPY made a quick fall and rise yesterday. The bearish channel (blue) is an interesting tool to monitor for more information whether wave Y (green) is completed or not (a bearish bounce indicates continuation of the wave Y).
The price action could be part of a bearish zigzag as indicated by the ABC (purple). The invalidation level of this wave count is the top of wave X (green) which is the 100% Fibonacci level.
Twitter: @elitecurrensea
PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com
Thank you