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    Weekly Wave Analysis EUR/USD, GBP/USD, USD/JPY

    EUR/USD

    The EUR/USD broke above the resistance (dotted red) of the continuation chart pattern and is continuing with the uptrend. The first target is at 1.20 which could cause a retracement, at least on lower time frames, within the uptrend.

    Daily chart:

    The EUR/USD bullish price action is probably part of a wave 3 (blue) momentum.

    Weekly chart:

    The EUR/USD bullish momentum could be part of a wave A (brown). The strong bullish momentum seems to indicate that the bearish wave 5 (blue) of wave C (brown) is most likely completed.

    Monthly chart:

    USD/JPY

    The USD/JPY is caught in between a support zone (green) and resistance trend line (orange).

    Daily chart:

    The USD/JPY is also in a larger triangle chart pattern with support (blue) and resistance (red) nearby.

    Weekly chart:

    The USD/JPY is most likely in a wave B (green) correction at the moment. Price could test lower Fibs like the 50%-61.8% Fib or show a break above resistance (red) and start wave C.

    Monthly chart:

    GBP/USD

    The GBP/USD is probably building a wave 1-2 (red) wave structure and could complete a potential head and shoulders chart pattern at the resistance zone (orange).

    Daily chart:

    The GBP/USD seems to be completing an ABC (brown) correction at the resistance trend lines (brown/red). This could be part of a larger wave 4 (purple) correction unless price breaks above the resistance trend line (brown).

    Weekly chart:

    The GBP/USD could be in a wave 4 (purple) if price manages to break below support and stay below the 61.8% Fibonacci level of wave 4 vs 3.

    Monthly chart:

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    admiralhttps://www.elitecurrensea.com/
    Elite CurrenSea Accessible Forex Trading Systems & Education With over 30 years of combined trading experience, we design, test, and provide successful Forex, CFDs & Crypto trading systems and solutions for retail and institutional traders alike.

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