Daily Wave Analysis for 26 November 2014 2014.11.26

4 hour EURUSD:

The invalidation level for the wave 2 (dark red) is the top of wave 1 (dark red).

60 min EURUSD:

Price retraced back to the 61.8 Fibonacci level yesterday. The Fibonacci retracements could be the turning spot for the continuation of wave 5 (blue).

GBPUSD

4 hour GBPUSD:

The GBPUSD is most likely consolidating for a wave 4 (blue).

60 min GBPUSD:

A wedge is being formed on the lower time frames (orange and green trend lines). A bearish break of the wedge could indicate the start of wave 5 (blue and red).

USDJPY

4 hour USDJPY:

The uptrend has been strong but could slow down with divergence present (purple line) and price getting closer to 120 resistance level.

60 min USDJPY:

The USDJPY has retraced for a wave 4 (blue) of wave 5 (purple) so one more push higher is possible. The invalidation level of wave 4 (blue) is the top of wave 1 (blue).