Daily Wave Analysis for 13 October 2014 2014.10.13

4 hour EURUSD:

The EURUSD bounced off of the 61.8% Fibonacci retracement level of wave X (blue) versus wave W (blue), which is most likely part of a bigger wave 4 (orange).

60 min EURUSD:
Typically waves 4 stop at the 38.2% Fibonacci retracement level; the 2nd most used turning spot is the 23.6% Fib.

GBPUSD

4 hour GBPUSD:

The GBPUSD is in a triangle with a resistance trend line (purple) above it and a support trend line (green) below it, which can be part of a bigger wave 4 (red) correction.

60 min GBPUSD:

Price could be making a bigger wave Y (blue) correction with another WXY (green).

USDJPY

4 hour USDJPY:

The USDJPY is most likely in a wave 4 (red) correction and has retraced back to the 38.2 Fibonacci retracement level, which could be a support.

60 min USDJPY:

The C part of an ABC often goes to the 100% Fibonacci target (green) or the 161.8% (blue).