Daily Wave Analysis for 7 November 2014 2014.11.07

4 hour EURUSD:

The EURUSD is pushing more firmly below the 1.25 in a wave 3 (purple).

60 min EURUSD:

A wave 3 (magenta) would require price to drop to at least the 100 Fibonacci target but preferably the 161.8 level.

GBPUSD

4 hour GBPUSD:

The GBPUSD is finally pushing through the bigger weekly support level (green) at 1.5850.

60 min GBPUSD:

A wave 3 (blue) would require price to drop to at least the 100 Fibonacci target but preferably the 161.8 level.

USDJPY

4 hour USDJPY:

The USDJPY has had a strong bullish momentum, which typically means multiple waves 4 and 5 unfold until divergence is present (not yet on this chart).

60 min USDJPY:

The USDJPY uptrend channel (purple) does have divergence (orange on AO) and is therefore vulnerable to a retracement for wave 4 (green).