EUR/USD Reaches Break Or Bounce Spot At 1.05 Support

Daily Forex Technicals | Written by Admiral Markets | Nov 25 16 08:26 GMT

Currency pair EUR/USD The EUR/USD is testing major support (green) from the daily-weekly charts but seems unable to break below these levels for the moment. If a break does occur below support (blue) then this indicate a downtrend continuation. A bullish bounce at the support zone and a break above the resistance trend line (orange) could start a wave 2 (green) correction. The EUR/USD seems to be starting an ABC (purple) correction but this wave structure would become invalidated if price breaks below the green lines. Currency pair GBPUSD The GBP/USD needs to break below the support trend line (green) before the wave 2 (blue) is completed. At the moment an extended wave 2 (blue) could occur via a WXY (orange) correction but a break above the 100% Fibonacci level invalidates the wave 2 (blue). The GBP/USD is moving sideways and building an extended correction as expected. The most likely wave count suggests that price is building an ABC (grey) zigzag. Currency pair USD/JPY The USD/JPY bullish momentum broke above the resistance trend line (dotted orange) and expanded wave 5 (orange). The USD/JPY has expanded wave 5 (green) with 5 more internal waves (pink).

 

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EUR/USD Reaches Break Or Bounce Spot At 1.05 Support