Daily Wave Analysis for 9 October 2014 2014.10.09

4 hour EURUSD:

The EURUSD broke above the downtrend channel (blue) which signals a high likelihood that wave 3 (orange) is completed and price is retracing in wave 4 (orange).

60 min EURUSD:

With the break of the trend line (purple), price could be in zigzag formation (ABC magenta).

GBPUSD

4 hour GBPUSD:

The GBPUSD also broke above a resistance trend line (dotted blue) which is indicating that price is most likely retracing higher to complete a wave Y (blue).

60 min GBPUSD:

Potential bullish targets could the Fibonacci levels of wave Ys (blue and green).

USDJPY

4 hour USDJPY:

The USDJPY is most likely in a wave 4 (red) correction. With the break of the support trend line it seems probable that price will retrace to the 38.2 Fibonacci retracement level.

60 min USDJPY:

An ABC zigzag pattern (blue/purple) might take place to complete wave 4 (red).