Daily Wave Analysis for 29 December 2014 2014.12.29

4 hour EURUSD:

The EURUSD’s downtrend has reached the 127.2% Fibonacci retracement level of the wave X (blue), which could be a bouncing spot for the wave Y (blue).

60 min EURUSD:
Price is in a triangle (orange and purple trend lines). The top and bottom most likely indicate the bear and bull lines for this pair.

GBPUSD

4 hour GBPUSD:

The GBPUSD’s downtrend has reached the 127.2% Fibonacci retracement level of the wave X (purple), which could be a bouncing spot for the wave Y (purple and green).

60 min GBPUSD:

Price is currently moving slowly upwards in what could be a channel or bear flag.

USDJPY

4 hour USDJPY:

Although the USDJPY is in an uptrend, there is a chance that price could retrace to a lower Fibonacci level for wave 4 (magenta) such as the 38.2.

60 min USDJPY:

Price is in a triangle (orange and purple trend lines). The top and bottom most likely indicate the bear and bull lines for this pair.