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Message: [QUOTE="Admiral Markets Group, post: 110116, member: 37217"] [B]EUR/USD, GBP/USD bearish breakout after turn at Fibonacci levels[/B] EUR/USD 4 hour [IMG]http://s15.postimg.org/439jb7ssb/21_09_2016eu4.png[/IMG] The EUR/USD broke the support trend line (dotted green) again and price is now building a bearish channel (orange). A break below the 78.6% Fibonacci level could see the EUR/USD fall towards the next Fibonacci targets within a larger contracting triangle (wave d green). 1 hour [IMG]http://s3.postimg.org/bj3hkzpeb/21_09_2016eu1.png[/IMG] The EUR/USD has paused at the previous bottom (green) and a break below the support is needed before a continuation of wave 5 (orange) is possible. GBP/USD 4 hour [IMG]http://s9.postimg.org/x88c5xnq7/21_09_2016gu4.png[/IMG] The GBP/USD indeed completed a wave 4 (blue) as indicated during this week’s wave analysis. The Cable is now falling towards the Fibonacci targets of wave 3 (green). 1 hour [IMG]http://s11.postimg.org/5nr4hsvn7/21_09_2016gu1.png[/IMG] The GBP/USD seems to be building an extended wave 5 (grey) within wave 5 (blue). A break above the 61.8% Fibonacci retracement invalidates the bearish 5 wave (grey). USD/JPY 4 hour [IMG]http://s16.postimg.org/qf2lltbzp/21_09_2016uj4.png[/IMG] The USD/JPY is in a descending wedge 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 a larger correction within wave 2 (purple) is likely. 1 hour [IMG]http://s9.postimg.org/9itxe8fb3/21_09_2016uj1.png[/IMG] The USD/JPY is currently showing volatility around the support (green) and resistance (dotted orange) trend lines. A full break above the resistance is needed before the wave 2 (purple) can be considered completed. Follow @ChrisSvorcik on twitter for latest market updates [/QUOTE]

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