EUR/USD, GBP/USD in waves 4 marked by trend lines - Your capital is at risk
http://www.admiralmarkets.com/analyt...by-trend-lines
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD has made a bearish retracement back to the 38.2% Fibonacci retracement level as expected. The Fibonacci levels could provide support as part of a wave 4 (green). A break below the 61.8% Fibonacci level would invalidate the wave 4 (green) structure.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD has arrived at a spot where it could complete a bullish bounce at the Fib levels or bearish break through the support trend line (green). A bullish break above resistance (red) could indicate the start of wave 5 (green).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). The Cable turned at the 61.8% Fibonacci level of wave 2 vs 1 and broke below the support trend line (dotted green), which could mark the start of wave 3 (pink) if price manages to break the previous bottom (green). A break above the 100% Fib level invalidates the pink 1-2.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD completed 5 waves (blue) within a wave C (green) zigzag. The Cable is now showing bearish momentum (wave 3 blue) and a triangle (trend lines). A break below the support trend line could start wave 5 (blue) whereas a break above the 61.8% Fibonacci level of wave 4 (blue) invalidates it.
http://www.admiralmarkets.com/analyt...by-trend-lines
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu4.png
The EUR/USD has made a bearish retracement back to the 38.2% Fibonacci retracement level as expected. The Fibonacci levels could provide support as part of a wave 4 (green). A break below the 61.8% Fibonacci level would invalidate the wave 4 (green) structure.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016eu1.png
The EUR/USD has arrived at a spot where it could complete a bullish bounce at the Fib levels or bearish break through the support trend line (green). A bullish break above resistance (red) could indicate the start of wave 5 (green).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu4.png
The GBP/USD is either completing a wave 5 (blue) or extending the wave 5 (blue) with an internal 5 wave indicated by wave 1-2 (pink). The Cable turned at the 61.8% Fibonacci level of wave 2 vs 1 and broke below the support trend line (dotted green), which could mark the start of wave 3 (pink) if price manages to break the previous bottom (green). A break above the 100% Fib level invalidates the pink 1-2.
1 hour
https://fxmedia.s3.amazonaws.com/art...08-2016gu1.png
The GBP/USD completed 5 waves (blue) within a wave C (green) zigzag. The Cable is now showing bearish momentum (wave 3 blue) and a triangle (trend lines). A break below the support trend line could start wave 5 (blue) whereas a break above the 61.8% Fibonacci level of wave 4 (blue) invalidates it.