Daily Wave Analysis for 26 September 2014 2014.09.26

4 hour EURUSD:

The EURUSD has pushed through the monthly bottom (green line turning red) at 1.2750. There is another monthly bottom (green) at +/- 1.2660.

60 min EURUSD:

Yesterday’s fall could have completed wave 3 (red) and price is now in a wave 4 (red). Waves 4 typically retrace back to the 23.6 and 38.2 Fibonacci levels but usually do not enter the price territory of wave 1 (magenta line).

GBPUSD

4 hour GBPUSD:

A break below the bottom (blue) could indicate the end of wave 4 (magenta) and the start of a new bearish 5 wave impulse (purple numbers).

60 min GBPUSD:

A breakout (red arrows) below the support trend line (blue) could potentially indicate the start of the bearish momentum.

USDJPY

4 hour USDJPY:

The 110 price level (red) could be a resistance level which causes price to stall or retrace due to the fact that there are 2 targets, including a 423.6% of wave 3 (blue), and a round number.

60 min USDJPY:

Price could have made a deep wave 2 (green) correction (price did not break bottom of wave 1).