Daily Wave Analysis for 1 October 2014 2014.10.01

4 hour EURUSD:

The EURUSD wave 3 target could be the 261.8 Fibonacci level (3v1 in blue) at 1.2420 .

60 min EURUSD:

The EURUSD invalidation level (dark red line) of the current wave 4 (purple) is at the bottom of wave 1 (purple).

GBPUSD

4 hour GBPUSD:

The Cable could be starting a new bearish impulsive wave 5 (magenta), which is consisting of a wave 123 (purple numbers) but price is trending down choppily so far. This could be explained by multiple waves 1 and 2 (current wave count) or a corrective wave structure.

60 min GBPUSD:

A rough invalidation level (dotted blue line) is the starting point of wave 1 (orange).

USDJPY

4 hour USDJPY:

The 110 price level (red) could be a resistance level which causes price to stall or retrace.

60 min USDJPY:

The USDJPY is behaving choppier with the 110 resistance close by, which is indicated by the trend lines (magenta). The wave count is subject to change depending on how price reacts to the 110 resistance zone.