Daily Wave Analysis for 20 October 2014 2014.10.20

4 hour EURUSD:

The EURUSD is correcting to higher levels as part of a wave 4 (orange).

60 min EURUSD:

Price could be in an ABC zigzag (green) to complete the wave 4 (orange).

GBPUSD

4 hour GBPUSD:

The GBPUSD downtrend is very choppy and corrective and is struggling to break the bigger weekly support level (dark green).

60 min GBPUSD:

The GBPUSD is moving correctively and choppily and is showing multiple corrective patterns.

USDJPY

4 hour USDJPY:

The USDJPY has retraced back to the 61.8 Fibonacci retracement level which could potentially complete a very wave 4 (red) retracement.

60 min USDJPY:

On a lower time frame price could be making a bullish 5 wave (green). If this is indeed true, then price should retrace below the blue line (top of wave 1) before wave 5 is completed.