Daily Wave Analysis for 8 December 2014 2014.12.08

4 hour EURUSD:

The bearish price action during the NFP news event could be part of the wave 3 (purple and blue).

60 min EURUSD:

The invalidation level for the wave 3 (green) count is the top of wave 1 (green).

GBPUSD

4 hour GBPUSD:

The GBPUSD has also totally erased the bullish gains made on Thursday and keeps heading lower for the wave 5 targets.

60 min GBPUSD:

The bearish price action during the NFP news event could be part of the wave 3 (purple and blue).

USDJPY

4 hour USDJPY:

After some expected volatility, price managed to break through the psychological 120 price level, it then made a pull back and bounced off of the 120 resistance (now support) and is now heading towards wave 5 Fibonacci.

60 min USDJPY:

The USDJPY also bounced off of the 38.2 Fibonacci retracement level which could be part of the wave 4 (green).