Daily Wave Analysis By Admiral Markets

US Dollar bounces at S&R and prepares for crucial breakouts

EUR/USD

4 hour

<img src=“https://s21.postimg.org/fmzpck2rr/14_10_2016eu4.png”>

The EUR/USD indeed showed a bullish bounce at the 50% Fibonacci level of wave D vs B and the psychological round level of 1.10 after a bullish 4 hour candle appeared yesterday. Price is probably in an ABC zigzag (green) and the Fibonacci levels of wave B (green) are expected to act as resistance. The EUR/USD has already bounced at the 38.2% Fib level but a break below the previous bottom is needed before a continuation to the 61.8% Fib of wave D vs B could occur.

1 hour

<img src=“https://s17.postimg.org/dj2tl0f7j/14_10_2016eu1.png”>

Unless the EUR/USD breaks below the previous bottom at 1.0985, price could make an ABC (orange) zigzag within a larger wave B (green).

GBP/USD

4 hour

<img src=“https://s10.postimg.org/ciali4y21/14_10_2016gu4.png”>

The GBP/USD continues to build as expected a triangle formation within a wave 4 (green) consolidation zone after last week’s 1,000 pip decline (wave 3 green). A break below support (green) could indicate the continuation of the downtrend. A break above resistance (red) could indicate a continuation of the wave 4 (green) retracement where the Fib levels are expected to act as resistance.

1 hour

<img src=“https://s17.postimg.org/n5lz8224f/14_10_2016gu1.png”>

The GBP/USD is in a wave B (orange) correction unless price manages to break below the 78.6% and 100% Fibonacci levels of wave B vs A (zig zag). A bullish bounce at support could complete ABC (orange) within wave Y (blue).

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GBP/USD, USD/JPY challenge S&R at 120 and 104.50

EUR/USD

4 hour

<img src=“https://s17.postimg.org/ri1ge9mq7/17_10_2016eu4.png”>

The EUR/USD built a lower low but seems to be bouncing at 1.0960 as price breaks away from the consolidation zone in a downtrend. At this moment a bearish ABC zigzag (green) within a larger contacting triangle (wave d green) seems the most likely but if the breakout below wave A (green) is vey impulsive, then a new downtrend could be starting. For the moment, the Fibonacci levels of wave B (green) are expected to act as resistance.

1 hour

<img src=“https://s16.postimg.org/m2s1k635x/17_10_2016eu1.png”>

A bullish ABC (orange) could take place within wave B (green).

GBP/USD

4 hour

<img src=“https://s21.postimg.org/yraamzs5j/17_10_2016gu4.png”>

The GBP/USD continues to build as expected a triangle formation within a wave 4 (green) consolidation zone. A break below support (green) could indicate the continuation of the downtrend. A break above resistance (red) could indicate a continuation of the wave 4 (green) retracement where the Fib levels are expected to act as resistance.

1 hour

<img src=“https://s14.postimg.org/nq0es6s69/17_10_2016gu1.png”>

The GBP/USD is in a wave B (orange) correction unless price manages to break below the 78.6% and 100% Fibonacci levels of wave B vs A (zig zag). A bullish bounce at support could complete ABC (orange) within wave Y (blue).

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US Dollar develops in wave C of larger zigzag

EUR/USD

4 hour

<img src=“https://s22.postimg.org/ivzz5uab5/18_10_2016eu4.png”>

The EUR/USD seems to be indeed building a bearish ABC zigzag (green). The Fibonacci levels of wave B (green) are expected to act as resistance and price could turn around at one of them for a continuation within a larger contacting triangle (wave d green). If the bearish breakout is vey impulsive, then a new downtrend could be starting.

1 hour

<img src=“https://s13.postimg.org/z79bn5smf/18_10_2016eu1.png”>

A bullish ABC (green) seems to be taking place within wave B (green). The Fibonacci levels are targets and potential bouncing spots.

GBP/USD

4 hour

<img src=“https://s18.postimg.org/dnvs1k8gp/18_10_2016gu4.png”>

The GBP/USD continues to build a triangle formation within the wave 4 (green) correction as the Cable breaks above resistance (dotted red). The Fib levels are expected to act as resistance.

1 hour

<img src=“https://s12.postimg.org/6fhrcdjq5/18_10_2016gu1.png”>

The GBP/USD did not break below the 78.6% and 100% Fibonacci levels of wave B vs A and the wave B (orange) is therefore still valid and supporting price. The bullish breakout is indicating that a wave C (orange) within wave Y (blue) seems to be unfolding.

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GBP/USD, USD/JPY prepare bullish breakouts above trend lines

EUR/USD

4 hour

<img src=“https://s18.postimg.org/sjip0anll/19_10_2016eu4.png”>

The EUR/USD turned at the 23.6% Fibonacci level of wave B vs A. However the bullish retracement could extend to higher Fibonacci levels if price breaks above the resistance trend line (orange). A break below support (green) could see a continuation of the downtrend.

1 hour

<img src=“https://s13.postimg.org/5j76jbjtz/19_10_2016eu1.png”>

A bullish ABC (green) could to be taking place within wave B (green). The Fibonacci levels are targets and potential bouncing spots unless price breaks below the support trend line (green) that is connecting wave A (blue) and wave B (green).

GBP/USD

4 hour

<img src=“https://s11.postimg.org/nwb4dvrmr/19_10_2016gu4.png”>

The GBP/USD continues to build a triangle formation within the wave 4 (green) correction as the Cable breaks above resistance (dotted red). The Fib levels are expected to act as resistance.

1 hour

<img src=“https://s16.postimg.org/7k9w7ai5h/19_10_2016gu1.png”>

The GBP/USD is building a wave C (orange) within wave Y (blue). Currently a wave 4 (grey) correction could be developing unless price breaks below the 61.8% Fib level of wave 4 vs 3. A break above resistance (orange) could see price move towards Fibonacci targets.

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EUR/USD break or bounce decision at Fibonacci support zone

EUR/USD

4 hour

<img src=“https://s12.postimg.org/f2x2ytve5/20_10_2016eu4.png”>

The EUR/USD is challenging support levels but needs to break below the 138.2% Fibonacci level of wave X vs W at 1.0940 before a larger correction within wave B (blue) is invalidated and a new downtrend should start. If price does bounce at the support Fibonacci levels of wave X (green), then a rally could occur towards wave Y (green) of wave B (blue).

1 hour

<img src=“https://s10.postimg.org/lgxxg4s95/20_10_2016eu1.png”>

A bullish ABC (green) could occur if price manages to break above the resistance trend line (orange). In such a case, the Fibonacci levels of wave B (blue) are expected to act as resistance.

GBP/USD

4 hour

<img src=“https://s11.postimg.org/yss1lt45f/20_10_2016gu4.png”>

The GBP/USD continues to build a triangle formation within the wave 4 (green) correction and the Fib levels are expected to act as resistance.

1 hour

<img src=“https://s21.postimg.org/fbfodubuv/20_10_2016gu1.png”>

The GBP/USD has either completed wave 5 (grey) or still is moving sideways within wave 4 (grey), which depends on the breakout direction above or below support (green) or resistance (red) trend lines.

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EUR/USD replaces bullish spike with bearish breakout in wave-C

EUR/USD

4 hour

<img src=“https://s10.postimg.org/y8xtvfumx/21_10_2016eu4.png”>

The EUR/USD completed one more bullish push as expected within wave B (blue) before building a bearish turn and breaking below support (dotted green). Price is now in a potential wave C (blue) of a larger daily/weekly triangle (wave d green). The triangle could become invalidate if price manages to become very impulsive (then a larger weekly downtrend could be restarting).

1 hour

<img src=“https://s12.postimg.org/wyfu9irgt/21_10_2016eu1.png”>

A bearish ABC (blue) could continue to develop if price manages to break below the Fibonacci levels.

GBP/USD

4 hour

<img src=“https://s9.postimg.org/5499zq7vj/21_10_2016gu4.png”>

The GBP/USD is challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the bottom. Whether the wave 4 (green) is complete or still developing depends also how price would break support (if it does).

1 hour

<img src=“https://s14.postimg.org/vpbh3s89d/21_10_2016gu1.png”>

The GBP/USD could show a breakout above or below support (green) or resistance (red) trend lines.

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US Dollar triangle consolidation after bullish breakout

EUR/USD

4 hour

<img src=“https://s14.postimg.org/pdkuz5m41/24_10_2016eu4.png”>

The EUR/USD has reached the 61.8% Fibonacci target of wave C vs A. Lower Fib targets could be in reach if price manages to break below the low (purple line). A larger daily/weekly triangle (wave d green) is taking place, which could become unlikely if price manages to become very impulsive (then a larger weekly downtrend could be restarting).
1 hour

<img src=“https://s9.postimg.org/97iwreojz/24_10_2016eu1.png”>

Five waves (green) are visible within bearish wave C (blue) which could indicate the end of the downtrend. A break below the bottom (green) could indicate a continuation towards the Fibonacci levels.
GBP/USD

4 hour

<img src=“https://s16.postimg.org/5j4n89czp/24_10_2016gu4.png”>

The GBP/USD is moving in between support and resistance and building a contracting triangle. The Cable is now challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the Fibonacci levels of wave X (blue). A break above resistance (orange) could see the development of a wave Y (blue) within wave 4 (green).

1 hour

<img src=“https://s15.postimg.org/qylpge51n/24_10_2016gu1.png”>

The GBP/USD is in a wedge and has support (green) and resistance (red) trend lines nearby which offer bounce and break spots.
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GBP/USD builds lengthy triangle but USD/JPY restarts bullish trend

EUR/USD

4 hour

<img src=“https://s15.postimg.org/6mowor0uz/25_10_2016eu4.png”>

The EUR/USD is in a downtrend and building lower lows and lower highs. At the moment price is building a small sideways consolidation zone. A break below the support (green) could price fall towards 78.6% Fibonacci level of wave d (green), which is part o f a larger daily/weekly triangle (wave d green). If price manages to fall very impulsively then a larger weekly downtrend could be restarting.

1 hour

<img src=“https://s21.postimg.org/mrz5nx1nb/25_10_2016eu1.png”>

The EUR/USD is in a wave 4 (green) unless price manages to break above the 61.8% Fibonacci level of wave 4 vs 3. A break below support could see the start of wave 5 (green).

GBP/USD

4 hour

<img src=“https://s22.postimg.org/5kqe8ism9/25_10_2016gu4.png”>

The GBP/USD is moving in between support and resistance and building a contracting triangle. The Cable is now challenging the support trend line (green). A break below it could see price develop a bearish breakout to retest the Fibonacci levels of wave X (blue). A break above resistance (orange) could see the development of a wave Y (blue) within wave 4 (green).

1 hour

<img src=“https://s13.postimg.org/lbug3jb13/25_10_2016gu1.png”>

The GBP/USD is in a wedge and has support (green) and resistance (red) trend lines nearby which offer bounce and break spots.

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Key resistance EUR/USD at 1.10 and GBP/USD at 1.2250

Key resistance EUR/USD at 1.10 and GBP/USD at 1.2250

EUR/USD

4 hour

<img src=“http://s15.postimg.org/sf0raw34b/27_10_2016eu4.png”>

The EUR/USD made a bullish bounce despite the downtrend but was so far unable to break above the first resistance trend line (orange). A breakout above resistance could see price continue higher as part of wave e (green), which is a larger triangle on the daily and weekly charts. A breakout below support (green) could price fall towards the next Fibonacci support.

1 hour

<img src=“http://s11.postimg.org/rdmdef79f/27_10_2016eu1.png”>

The EUR/USD completed a bullish ABC zigzag as expected yesterday (blue). This is most likely part of a larger correction indicated by the WXY (purple). A breakout above resistance (orange) could price move towards Fib targets.

GBP/USD

4 hour

<img src=“http://s17.postimg.org/wdh0qpoun/27_10_2016gu4.png”>

The GBP/USD showed a bullish bounce back to the resistance zone (orange), which seems to be part of a larger WXY (blue) correction.

1 hour

<img src=“http://s21.postimg.org/cuh01j9bb/27_10_2016gu1.png”>

The GBP/USD completed an ABC zigzag (grey) as expected. A new bearish zigzag (grey) could take price back to the Fibonacci support levels of wave X (orange).

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USD/JPY uptrend breaking multiple resistances with Fib targets in vision

EUR/USD

4 hour

<img src=“http://s18.postimg.org/efzlizsft/28_10_2016eu4.png”>

The EUR/USD is in a small triangle (green/orange lines) after having made a bullish bounce within a larger downtrend. A breakout above the resistance trend line (orange) could start a larger correction within wave e (green), which is a larger triangle on the daily and weekly charts. A breakout below support (green) could price fall towards the next Fibonacci support.

1 hour

<img src=“http://s14.postimg.org/jl0ppy8rl/28_10_2016eu1.png”>

The EUR/USD completed a bearish ABC zigzag (green). A breakout above resistance (orange) could price move towards Fib targets as part of a wave C (blue) whereas a bearish breakout below support (green) could see price fall towards the next 78.6% Fib. A break below the bottom and 100% Fib is needed before the downtrend is active.

GBP/USD

4 hour

<img src=“http://s18.postimg.org/4xznwoq6h/28_10_2016gu4.png”>

The GBP/USD is building a new triangle (red/green lines), which seems to be part of a larger WXY (blue) correction. Once wave 4 (green) is completed a downtrend continuation is expected to push below support (wave 5 blue).

1 hour

<img src=“http://s22.postimg.org/x44wwwuy9/28_10_2016gu1.png”>

The GBP/USD completed a bearish ABC zigzag (grey) yesterday as expected. A new bearish zigzag (grey) could take price back to the resistance zone (red/orange). A break below support (green) still has to deal with the Fibonacci support levels but a break below the bottom could see price challenge the 1.20 round level.

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EUR/USD bullish zigzag with Fibonacci targets above trend line

EUR/USD

4 hour

<img src=“https://s17.postimg.org/4m7yrhvq7/31_10_2016eu4.png”>

The EUR/USD broke above the triangle (dotted orange) and is expanding the bullish correction, which makes it more likely that a continuation of the daily triangle via wave d-e (green) is occurring. For the moment this correction has been labelled WXY (brown).

1 hour

https://s21.postimg.org/a13rwb5av/31_10_2016eu1.png">

The EUR/USD breakout above resistance (red) has seen price move towards the Fib targets as part of a wave C (blue). At the moment a wave 3-4 (green) could still be taking place within wave C (blue) as long as price stays above the 61.8% Fibonacci retracement level and support trend line (green).

GBP/USD

4 hour

https://s21.postimg.org/yc5558ajr/31_10_2016gu4.png">

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue).

1 hour

<img src=“https://s12.postimg.org/zd0b938ul/31_10_2016gu1.png”>

The GBP/USD is in a large consolidation and could continue to build zigzags between support and resistance. A break above or below support or resistance lines could indicate a potential for price to move towards Fib targets or continue with the larger trend.

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US Dollar bullish and bearish bounces within triangle chart pattern

EUR/USD

4 hour

<img src=“https://s14.postimg.org/q1l7w9wmp/01_11_2016eu4.png”>

The EUR/USD bullish correction (wave W) could be part of a larger daily triangle via a wave d-e (green) unless price breaks below the most recent bottom at 1.0850.

1 hour

<img src=“https://s12.postimg.org/3ymcwc465/01_11_2016eu1.png”>

The EUR/USD bounced at the 61.8% Fibonacci level yesterday. A breakout above resistance (red) could see price move towards the Fib targets as part of a wave C (blue).

GBP/USD

4 hour

<img src=“https://s22.postimg.org/wqsnw72lt/01_11_2016gu4.png”>

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s15.postimg.org/lxxr5kpqz/01_11_2016gu1.png”>

The GBP/USD has continued to build zigzags between support and resistance. Yesterday for instance price bounced at the support trend line and Fibonacci support. A break above resistance (red) would be needed before a potential move towards Fib targets could occur.

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EUR/USD strong bullish break and USD/JPY corrective ABC zigzag

EUR/USD

4 hour

<img src=“https://s11.postimg.org/wvc2p1smr/02_11_2016eu4.png”>

The EUR/USD bullishness continued to higher levels yesterday. The strong momentum is making a wave 3 (blue) more likely now. All in all the bullish trend is probably part of a wave d-e (green) daily triangle.

1 hour

<img src=“https://s18.postimg.org/cj52sjpkp/02_11_2016eu1.png”>

The EUR/USD breakout above resistance (red) took place as indicated yesterday. The bullish momentum has been marked as wave 3 (orange) and a wave 5 (orange) of wave 3 (blue) could be completed as price approaches the Fib targets. In such a scenario a wave 4 (blue) sideways correction like a bull flag could occur.

GBP/USD

4 hour

<img src=“https://s18.postimg.org/4rm24ot6h/02_11_2016gu4.png”>

The GBP/USD is building a triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s16.postimg.org/iauzu8kut/02_11_2016gu1.png”>

The GBP/USD has continued to build zigzags between support and resistance. Yesterday price tried to break above resistance (yellow/red) but failed as price completed a 5th wave (dark red) within an ABC zigzag (purple). At the moment price has respected the 38.2% Fibonacci support level and the other Fib levels could provide support too. A break above resistance could see price move towards the Fibonacci levels of wave Y (blue).

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EUR/USD bullish breakout continues but 38.2% Fib nearby

EUR/USD

4 hour

<img src=“https://s16.postimg.org/6jsmcvb9h/03_11_2016eu4.png”>

The EUR/USD uptrend showed one more bullish push yesterday but price is now near the 38.2% Fibonacci resistance level of wave e (green), which is part of a wave d-e (green) daily triangle. The bullish momentum seems to be a 5 wave (blue) within a larger zigzag (A purple).

1 hour

<img src=“https://s12.postimg.org/m7jwhc9b1/03_11_2016eu1.png”>

The EUR/USD showed extended 5 waves (grey) within wave 5 (orange). Price could still push up higher to the Fibonacci targets but eventually a correction (wave 4 blue) is expected.

GBP/USD

4 hour

<img src=“https://s22.postimg.org/ma8u1ttsx/03_11_2016gu4.png”>

The GBP/USD continues to respect a contracting triangle (red/green lines) as part of a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s11.postimg.org/oi37q0d9f/03_11_2016gu1.png”>

The GBP/USD continues with building zigzags but this time price did manage to break above resistance (dotted red/orange). Price could make a new pullback to support (trend line/Fibs) before moving up higher to the 61.8% Fib for instance of wave Y vs W.

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Context of US Dollar momentum within waves and Fibonacci

EUR/USD

4 hour

<img src=“https://s18.postimg.org/avdbniudl/04_11_2016eu4.png”>

The EUR/USD indeed built a bearish bounce yesterday at the 38.2% Fibonacci retracement level. The bullish momentum was strong which makes a wave 3 (purple) likely. A retracement for wave 4 (purple) seems to be taking place as price is making a triangle. The wave 4 seems likely as long as price remains above the 50% of wave 4 vs 3. The wave 5 could be short as price reaches the resistance trend line (red). A bearish correction could take place as the market awaits the US Presidential Election next week Tuesday.

1 hour

<img src=“https://s14.postimg.org/xmypobrwh/04_11_2016eu1.png”>

The EUR/USD finished a wave 5 (orange) and built an ABC (blue) correction as expected yesterday. A bounce at the support trend line (green) could complete wave C (blue) whereas a break above resistance (red) could see wave 5 continue.

GBP/USD

4 hour

<img src=“https://s22.postimg.org/xghnuwrbl/04_11_2016gu4.png”>

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s22.postimg.org/3livxmb8x/04_11_2016gu1.png”>

The GBP/USD continued higher yesterday which could either mark complete wave c (grey) or wave 3 (purple), which will partly depend on how price responds in this potential wave 4 (purple). A bull flag chart pattern that stays above the 50% Fibonacci level increases the chance of a wave 4. The wave 5 could be short as price reaches the Fibonacci targets. A bearish correction could take place as the market awaits the US Presidential Election next week Tuesday.

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USD/JPY sturdy bullish reversal at 50% Fib of wave 4

EUR/USD

4 hour

<img src=“https://s12.postimg.org/fpc6vy4xp/07_11_2016eu4.png”>

The EUR/USD managed to retrace back to the 38.2% Fibonacci retracement level of wave E vs D (green) of a larger triangle on the daily/weekly charts. The EUR/USD has completed a wave 5 (purple) of potential wave a (brown) if price manages to break below the support trend line (green) and 50% Fib of wave 4 vs 3. A bounce at support could still wave 5 go higher and perhaps reach the resistance (red).

1 hour

<img src=“https://s17.postimg.org/65nzgndzj/07_11_2016eu1.png”>

The EUR/USD has either completed a wave 5 (purple) at the recent high or is expanding the wave 4 correction (purple) via an ABC (blue).

GBP/USD

4 hour

<img src=“https://s15.postimg.org/bkcht1dmz/07_11_2016gu4.png”>

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s11.postimg.org/shclidy8j/07_11_2016gu1.png”>

The GBP/USD broke the trend line (dotted red) and made a higher high as part of the wave 5 (purple) within wave C (purple). A bearish correction seems to have started at the resistance Fibs.

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US Dollar awaits results from 2016 US Presidential Elections

EUR/USD

4 hour

<img src=“https://s15.postimg.org/dpdjj00bf/08_11_2016eu4.png”>

The EUR/USD price movement will depend on the election news and results as Americans vote for their next President of the United States. With USD weakness, the EUR/USD could be building a potential ABC (brown) towards the 50% or 61.8% of wave e (green). With USD strength, the EUR/USD could break the support trend line (green) and test deeper Fibs of wave b (brown) or alternatively start a downtrend.

1 hour

<img src=“https://s21.postimg.org/dqodwdk7r/08_11_2016eu1.png”>

The EUR/USD could use the Fibonacci levels of wave b (brown) as potential bouncing spots, although it will depend on the levels of momentum and volatility during the elections.

GBP/USD

4 hour

<img src=“https://s22.postimg.org/v66sqeb35/08_11_2016gu4.png”>

The GBP/USD is building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple). USD weakness could expand the wave 4, whereas USD strength could start wave 5.

1 hour

<img src=“https://s13.postimg.org/wphwh5jbr/08_11_2016gu1.png”>

The GBP/USD could be vulnerable to bounces at Fibonacci levels during the elections.

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Impact of US elections on the US Dollar

EUR/USD

4 hour

<img src=“https://s11.postimg.org/6urpczkkz/09_11_2016eu4.png”>

The US elections took place on 8 November 2016 where the 2 main candidates were Clinton, from the Democratic Party, and Trump, from Republican Party. The financial markets were ‘pricing in’ a Clinton win but as the election night unfolded, it became clear that a Trump win become increasingly possible. Initially, the EUR/USD hit the 50% Fibonacci level but quickly reverted upwards as a Trump win started to become more probable. The bullish price reaction is does align with the expected ABC zigzag mentioned yesterday. Price action can remain volatile as the last states still need to report the final results.

1 hour

<img src=“https://s16.postimg.org/w0blz97hx/09_11_2016eu1.png”>

The EUR/USD has reached the 100% Fibonacci level but the price action remains volatile.

GBP/USD

4 hour

<img src=“https://s17.postimg.org/szrd4lzu7/09_11_2016gu4.png”>

The GBP/USD keeps building a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple). For now, a bullish reaction is also visible on the Cable.

1 hour

<img src=“https://s14.postimg.org/ebysoyvu9/09_11_2016gu1.png”>

The GBP/USD could be building an ABC zigzag, although all wave counts are vulnerable due to the political event.

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EUR/USD completes 5 bearish waves and prepares for zigzag

EUR/USD

4 hour

<img src=“https://s21.postimg.org/4kwf2dyyv/11_11_2016eu4.png”>

The EUR/USD bearishness has been very impulsive and has been labelled as a wave 1 (green). The wave e (green), however, is quite short in its current form and therefore an alternative but possible scenario is that the wave 1 (green) is still part of a larger correction. The wave 1 (green) would certainly be invalidated if price manages to break above the top (red) and 61.8% of wave E vs D.

1 hour

<img src=“https://s22.postimg.org/quvvvxwb5/11_11_2016eu1.png”>

The EUR/USD wave 1 (green) seems to be completed as several 4 hour candles become bullish. That translates into a small but visible rally on the 1 hour chart which could be the start of a wave a (brown). After the wave a (brown) is completed, then a wave b (brown) retracement and a wave c (brown) continuation is expected. A break below the bottom could see wave 5 extend further.

GBP/USD

4 hour

<img src=“https://s21.postimg.org/szoxh6bfb/11_11_2016gu4.png”>

The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s15.postimg.org/b1vdo8l2j/11_11_2016gu1.png”>

The GBP/USD finally broke above resistance (dotted red) with momentum (wave 3 purple) and seems to be building a wave 4 (purple) retracement for 1 more push higher within wave C (grey).

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EUR/USD bearish momentum approaches 1.0750 support

EUR/USD

4 hour

<img src=“https://s18.postimg.org/64i8584uh/14_11_2016eu4.png”>

The EUR/USD bearishness continues to push lower but price is approaching a psychological round level of 1.0750, which could act as a potential support level. The bearish wave indicates that wave 4 (blue) has been completed and a new larger downtrend (wave 5) has probably started with a wave 1 (green).

1 hour

<img src=“https://s12.postimg.org/3l7hsbljx/14_11_2016eu1.png”>

The EUR/USD wave 1 (green) still push to lower levels after completing a sideways ABC (purple) correction, which formed a wave 4 (purple). Price could fall towards the Fibonacci targets of wave 5 (brown).

GBP/USD

4 hour

<img src=“https://s11.postimg.org/fi2c4lsyb/14_11_2016gu4.png”>

The GBP/USD is building a strong bullish retracement. The Fibonacci levels could be targets and resistance spots as price develops a WXY (blue) correction within wave 4 (green). Once wave 4 (green) is completed, a downtrend continuation is expected to push below support for wave 5 (blue/purple).

1 hour

<img src=“https://s13.postimg.org/m1axqslyf/14_11_2016gu1.png”>

The GBP/USD could be building 5 bearish waves (purple) if it manages to stay below resistance (red) and break support (light green). A break above the 50% Fibonacci level of wave 4 vs 3 could indicate that the Cable is continuing with a bullish correction.

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