Daily Wave Analysis for 25 August 2014 2014.08.25

4 hour EURUSD:

Price has reached the minimum wave 3 (orange) target (100%) – although usually wave 3’s tend to get lower

60 min EURUSD:

Price has reached the 61.8% target of wave 5 (blue). If price continues with its down trend, then the next target could be at 1.31 (green) – 1.3123 (78.6% Fibonacci). 

GBPUSD

4 hour GBPUSD:

Five waves (purple) down of bigger wave 5s seem to be complete, which means a retracement could occur.

60 min GBPUSD:

If the downtrend does continue, then wave count will get extended (wave 3 (dark red) will become wave 1 of a lower degree).

USDJPY

4 hour USDJPY:

The USDJPY is trying to break above the top of the consolidation (red line). A break has lead to a change in wave count (from corrective to impulsive).

60 min USDJPY:

Price could be in wave 5 (green) of 3 (blue) with a 161.8% target at 105.