Daily Wave Analysis for 8 October 2014 2014.10.08

4 hour EURUSD:

The EURUSD did not break above the wave 4 (blue) top and it seems to be respecting the top of the downtrend channel (blue).

60 min EURUSD:

A breakout (red arrows) could occur below support (blue trend line).

GBPUSD

4 hour GBPUSD:

The GBPUSD wave count is showing a bearish impulse because price failed to break above resistance this week (purple/blue lines).

60 min GBPUSD:

This week’s bullish price action could be explained by the fact that a wave 4 (purple) has been completed.

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 likely that price will retrace to the 38.2 Fibonacci retracement level.

60 min USDJPY:

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