Daily Wave Analysis for 1 December 2014 2014.11.30

4 hour EURUSD:

The EURUSD is in a potential wave 3 (blue). The bearish wave count will not change as long as the EURUSD remains below the resistance levels (red and orange).

60 min EURUSD:

Price broke the support trend line (broken green) but the wave 1 breakout (purple) was quite choppy and it s not clear whether price is in wave 2 or 3 (both purple). A wave 3 (purple) requires a lot bearish momentum.

GBPUSD

4 hour GBPUSD:

Price broke the support trend line (broken green) and could be starting the wave 5 (blue and red).

60 min GBPUSD:

The remaining support trend lines (greens) remain important to establish whether price is still in the wave 4 (blue) or whether price is starting wave 5 (blue). A break below would confirm the latter.

USDJPY

4 hour USDJPY:

The USDJPY could be heading towards the wave 5 Fibonacci targets.

60 min USDJPY:

A small channel (green) is holding within the wider uptrend channel (blue).