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Message: [QUOTE="Admiral Markets Group, post: 110054, member: 37217"] [B]EUR/USD, GBP/USD retrace back to 38.2% and 50% Fibonacci levels[/B] EUR/USD 4 hour [IMG]http://s14.postimg.io/lpvr9w9m9/20_09_2016eu4.png[/IMG] The EUR/USD is building a small pause at the Fibonacci level after breaking below the support trend line (dotted green). A bearish continuation could take price to lower Fibonacci levels. 1 hour [IMG]http://s22.postimg.io/d1ju8mzmp/20_09_2016eu1.png[/IMG] The EUR/USD has retraced to the 50% Fibonacci retracement level of wave 4 (orange) vs 3. A break above the 78.6% Fib invalidates the wave 4 (orange). A break below support (green) could confirm the wave 5 (green) of wave A (orange). GBP/USD 4 hour [IMG]http://s21.postimg.io/pdia7c7dz/20_09_2016gu4.png[/IMG] The GBP/USD needs to break below the 78.6% Fibonacci level (blue) and support trend line (green) before price has a chance of moving towards the Fibonacci targets of wave 3 (green) vs 1. A break above resistance (red) invalidates the current wave 3’s. 1 hour [IMG]http://s12.postimg.io/4crmyibx9/20_09_2016gu1.png[/IMG] The GBP/USD has retraced back to the 38.2% Fibonacci level of wave 4 (blue) vs 3. A break above the resistance trend line (red) and 78.6% Fibonacci level invalidates wave 4 (blue) whereas a break below support (green) could indicate the continuation of wave 3 (green). USD/JPY 4 hour [IMG]http://s4.postimg.io/3tk86ytwt/20_09_2016gu4.png[/IMG] The USD/JPY is in a contracting triangle chart pattern (green/orange lines). A break above resistance (red) confirms the end of the downtrend and the start of bullish price action. A break below the support line (green) indicates that another wave 2 (purple) is still active. 1 hour [IMG]http://s9.postimg.io/x41vxbaa7/20_09_2016uj1.png[/IMG] The USD/JPY has reached the 78.6% Fibonacci level of wave 2 (blue). A break above the resistance (red) could confirm the start of bullish price action, whereas a break below support (green) makes a wave 2 (blue) less likely. Follow @ChrisSvorcik on twitter for latest market updates [/QUOTE]

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