Daily Wave Analysis for 11 September 2014 2014.09.11

4 hour EURUSD:

Price is extending towards the wave 3 (orange) targets; the next could be the 200% level and the bigger monthly bottom (green) at 1.2750.

60 min EURUSD:

Price made a retracement to the 38.2% Fibonacci of wave 4 (light blue). A breakout (red arrows) could occur if price breaks below the support (green) trend line.

GBPUSD

4 hour GBPUSD:

The Awesome Oscillator has strong bearish momentum (histograms are far below middle line), which indicate that more bearishness is to be expected although retracements can always occur.

60 min GBPUSD:

The most likely scenario is that price is making a retracement for a wave 4 (red). Usually the 23.6% or the 38.2% are the turning spots. The alternative is that wave 3 (magenta) has been completed at the recent bottom.

USDJPY

4 hour USDJPY:

Once wave 3 (dark blue) is complete, price could retrace for a wave 4 and potentially use the broken monthly top (dotted green) as a support.

60 min USDJPY:

Price has reached the 261.8% Fibonacci targets (3vs1) of wave 3 (blue). Although there is divergence between the tops (purple line), price could push towards the 5vs3 targets.