October 30, 2014 09:40
4 hour EURUSD:
The EURUSD’s drop during the FOMC statement most likely ended the wave 4 (orange) but a break of the bigger 1.25 bottom (green) would be needed.
60 min EURUSD:
The bearish momentum was strong with a fall of 200 pips.
GBPUSD
4 hour GBPUSD:
Yesterday’s strong fall could be part of a new down trend which means that the wave 4 (red) is completed at the recent top.
60 min GBPUSD:
There is also one scenario possible where price is making an ABC (magenta) as part of a bigger wave X (dark red) consolidation.
USDJPY
4 hour USDJPY:
Yesterday’s FOMC statement helped the USDJPY breakout for the wave 5 (blue) of wave 3 (purple) as expected.
60 min USDJPY:
Traders need to be cautious of the top at 110 (red line), which is a strong resistance level.