By Admiral Markets
The EUR/USD bounced at the 50% Fibonacci level and has broken above the bearish trend channel which could indicate a bullish reversal. Price could be completing a bullish wave 4-5 pattern if price manages to continue above the weekly Pivot Point.
The GBP/USD is showing stronger bearish momentum than the EUR/USD and could confirm one more lower low within a falling wedge chart pattern whereas the USD/JPY remains very corrective and choppy and requires price to either break above resistance or below support on the daily chart before the long-term direction becomes clear.
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Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.