Daily Wave Analysis for 11 November 2014 2014.11.11

November 11, 2014 08:58

4 hour EURUSD:

The EURUSD bullish price action could be part of wave 4 (blue), which typically retraces back to the previous wave 4 (of a smaller degree) and/or to the 23.6 and 38.2 Fibonacci retracement levels.

60 min EURUSD:

Price respected the resistance trend line (red) yesterday and then broke through the support line (dashed green).

GBPUSD

4 hour GBPUSD:

The GBPUSD needs to accelerate below support (green trend lines) before it can confirm a wave 3 (blue).

60 min GBPUSD:

wave Y (purple) and wave 2 (blue) could already have been completed at yesterday’s high but I am waiting for price to move down sharply before making that conclucsion.

USDJPY

4 hour USDJPY:

The USDJPY is in a strong bullish momentum with potentially two wave 3’s (blue and purple) ahead before wave 5 (red) is completed.

60 min USDJPY:

Wave 4 (green) indeed bounced at the 23.6 Fibonacci retracement and previous wave 4 (blue).