Daily Wave Analysis for 4 December 2014 2014.12.04

4 hour EURUSD:

Be careful of the EURUSD interest rate decision later today.

60 min EURUSD:

The EURUSD wave 3 (purple) has gone all the way to the 200% Fibonacci target. Either here or at the 261.8% there could be a decent chance of the wave 4 (purple) starting which typically would be a shallow correction.

GBPUSD

4 hour GBPUSD:

Be careful of the GBPUSD interest rate decision later today.

60 min GBPUSD:

The invalidation level of the wave 2 (blue) is at the origin of wave 1 (blue).

USDJPY

4 hour USDJPY:

The USDJPY has reached the psychological round resistance level of 120, besides the double divergence (purple line on AO).

60 min USDJPY:

Price broke yesterday’s rising wedge but could still be close to completing wave 5 (green), although the alternative wave count would still suggest a wave 4-5 potential remaining. It will be important to see how the USDJPY makes its correction.