Daily Wave Analysis for 2 December 2014 2014.12.02

4 hour EURUSD:

The EURUSD could be retracing back up for a wave 2 (purple) before falling towards the targets of wave 3 (blue and purple).

60 min EURUSD:

The current wave count will not change as long as the EURUSD remains below the 100% Fib level.

GBPUSD

4 hour GBPUSD:

Yesterday’s bullish price movement has brought price back to the resistance trend line (red) and the 78.6% Fibonacci retracement level.

60 min GBPUSD:

Price could use the resistance levels to move down for wave 5 (blue and red). The invalidation level for wave 2 (purple) is the 100% level.

USDJPY

4 hour USDJPY:

The USDJPY has been heading towards the wave 5 Fibonacci targets.

60 min USDJPY:

Price used the bottom of the channel (blue) to bounce back up.