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Daily Wave Analysis: EUR/USD Prepares For ABC Zigzag In Bearish Wave 2

Currency pair EUR/USD

The EUR/USD has probably started with the wave 5 (pink) pattern but a break above the previous top (red) and trend line (red) is needed before price can potentially reach the 61.8% Fibonacci target.

The EUR/USD is in a break or bounce spot. A break above the 78.6% Fib target could price extend the wave 5 to higher Fib levels whereas a bearish break could see price retest the Fib levels of wave 2.

Currency pair GBP/USD

The GBP/USD bullish momentum is probably creating a wave 1 (green). A bullish break above resistance (red) could confirm wave 5 (brown).

The GBP/USD seems to have completed a 5th wave (grey) and could correct lower when it breaks support. Alternatively, it could break for one more higher high and complete wave 5 at the Fib targets.

Currency pair USD/JPY

The USD/JPY did not manage to break above the resistance trend line (red) and therefore could still be in a wave 5 (blue).

The USD/JPY is building a triangle pattern.

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