Daily Wave Analysis for 22 October 2014 2014.10.22
4 hour EURUSD:
The EURUSD consolidation could take long before its completed because waves 4 (orange) are usually the longest waves in terms of time.
60 min EURUSD:
The EURUSD is in a range (orange and green trend lines) and could be bouncing off of support.
GBPUSD
4 hour GBPUSD:
The GBPUSD downtrend is choppy and corrective and is struggling to break the bigger weekly support level (dark green).
60 min GBPUSD:
It will be interesting to see whether price breaks or bounces at the orange and green trendlines.
USDJPY
4 hour USDJPY:
It is too early to tell whether price is making a bullish rebound or whether price is correcting for more downside. At this point the wave count is showing therebound as the primary one.
60 min USDJPY:
The bullish rebound has so far been slow but occasionally 1st waves can start that way. The trend lines (green and purple) will show interesting break orbounce spots.