Daily Wave Analysis for 27 October 2014 2014.10.27

4 hour EURUSD:

The EURUSD bounce at wave X (purple) is most likely part the bigger wave 4 (orange). The main lines to watch are the support (green) and resistance (orange).

60 min EURUSD:

Fourth waves usually take long to unfold which means that price could consolidate for a lengthy period of time before the main 38.2 Fib target is reached.

GBPUSD

4 hour GBPUSD:

The GBPUSD could be expanding the wave 4 (red) and with one more wave WXY (dark red).

60 min GBPUSD:

The GBPUSD 1 hour chart is in a big consolidation with choppy price action and many wedge trend lines (blue, orange, green). The wave count is vulnerable to change depending on how the break out occurs.

USDJPY

4 hour USDJPY:

The USDJPY bullish rebound has layers of resistance to break before indeed a confirmation of the wave 5 (red) of wave 3 (blue) can be made.

60 min USDJPY:

The invalidation level of the wave 4 (blue) is the top of wave 1 (blue).