Daily Wave Analysis for 31 December 2014 2014.12.31

4 hour EURUSD:

Price bounced at the 138.2 Fibonacci level yesterday but remains in the downtrend channel indicated by the 2 trend lines (orange).

60 min EURUSD:

The consolidation could last for a while as the market closes for Years Eve.

GBPUSD

4 hour GBPUSD:

Price indeed did manage to break the bottom and Fibonacci support levels and made a bullish retracement yesterday.

60 min GBPUSD:

Price is building a contracting triangle (purple lines). A bullish break would seek the Fibonacci targets of wave Y.

USDJPY

4 hour USDJPY:

Price indeed made a bearish retracement yesterday for a wave Y (red) of wave 4 (magenta).

60 min USDJPY:

Price probably made a wave a (blue) yesterday of a larger ABC zigzag that comprises a bigger wave Y (purple).