Daily Wave Analysis for 17 December 2014 2014.12.17

4 hour EURUSD:

The EURUSD pushed up yesterday towards the 23.6 Fibonacci retracement of wave 4 (green). The ABC correction (magenta) could be part of wave W (blue).

60 min EURUSD:

There was a bullish break above the triangle (orange line). The bullish momentum is best explained by a 5 wave (magenta) belonging to a bigger correction (ABC blue).

GBPUSD

4 hour GBPUSD:

The GBPUSD’s price action has been very corrective lately and has formed a sideways range (red and green lines), which could be best explained at the moment via a wave 4 (blue).

60 min GBPUSD:

The invalidation level of the current wave 4 (blue) is if price breaks above the horizontal resistance.

USDJPY

4 hour USDJPY:

The most common Fibonacci retracement for a wave 4 (magenta) is the 38.2 level.

60 min USDJPY:

The invalidation level of the wave B (blue) is at the 100% mark of the Fibonacci retracement.