Daily Wave Analysis for 5 November 2014 2014.11.05

4 hour EURUSD:

The EURUSD broke the 1.25 bottom but with less momentum than expected which raises question marks whether price is indeed in a wave 3 (purple). The 1 hour chart can help determine an invalidation point.

60 min EURUSD:

Waves 2 (magenta) cannot retrace further than the origin of the wave 1 at 1.2632, which is the invalidation level of the current magenta wave count.

GBPUSD

4 hour GBPUSD:

Since the completion of wave 3 (red) price action has been tremendously choppy and corrective. Various support levels hinder the downtrend continuation (blue and green lines).

60 min GBPUSD:

The price consolidation between the trend lines has been changed to represent an internal wave 1-2 (blue) of wave 3 (purple).

USDJPY

4 hour USDJPY:

The USDJPY uptrend heavily accelerated above the resistance top (red line) last week, which is typical for a wave 3 (purple).

60 min USDJPY:

The USDJPY uptrend acceleration is most likely part of a wave 3 (green) as the oscillator has very strong and high bars (orange circle). Currently price is probably correcting for a wave 4 (green).