Daily Wave Analysis for 5 December 2014 2014.12.05
Dezember 05, 2014 08:04
4 hour EURUSD:
Yesterday’s impulsive bullish price action could be part of a wave 2.
60 min EURUSD:
The invalidation level for the wave count is the top of wave 2 (purple).
GBPUSD
4 hour GBPUSD:
The GBPUSD seems to be in a chart pattern called a descending wedge with a bearish angled resistance trend line (red) and a flat support trend line (green).
60 min GBPUSD:
The invalidation level of the wave 2 (blue) is at the origin of wave 1 (blue). Price seems to be pushing through the first layer of support (medium green).
USDJPY
4 hour USDJPY:
The psychological round level of 120 has indeed been acting as a resistance.
60 min USDJPY:
The USDJPY also bounced off of the 38.2 Fibonacci retracement level which could be part of the wave 4 (green).