Daily Wave Analysis for 16 September 2014 2014.09.16

4 hour EURUSD:

Price is making a bear flag (green lines) within two downtrend channel (blue and purple lines).

60 min EURUSD:

Added to the chart are Fibonacci time percentages to have a better grasp when the wave 4 potentially could complete. The trend remains bearish as long as price stays in the downtrend channel (blue). A breakout (red arrows) could occur if price breaks below the support (green) trend line.

GBPUSD

4 hour GBPUSD:

The GBPUSD seems to have completed a wave 3 (magenta) and is making a wave 4 (magenta) retracement.

60 min GBPUSD:

The Fibonacci targets and retracements will most likely be the turning spots for the wave 4 (magenta). A breakout (red arrows) could occur if price breaks below the support (green) trend line and 1.62 round number.

4 hour USDJPY:

Price is extending the bullish wave 3 (dark blue).

60 min USDJPY:

Price is moving sideways in a bull flag (blue and orange). A breakout (green arrows) could occur above resistance (orange line).