Daily Wave Analysis for 30 October 2014 2014.10.30

4 hour EURUSD:

The EURUSD’s drop during the FOMC statement most likely ended the wave 4 (orange) but a break of the bigger 1.25 bottom (green) would be needed.

60 min EURUSD:

The bearish momentum was strong with a fall of 200 pips.

GBPUSD

4 hour GBPUSD:

Yesterday’s strong fall could be part of a new down trend which means that the wave 4 (red) is completed at the recent top.

60 min GBPUSD:

There is also one scenario possible where price is making an ABC (magenta) as part of a bigger wave X (dark red) consolidation.

USDJPY

4 hour USDJPY:

Yesterday’s FOMC statement helped the USDJPY breakout for the wave 5 (blue) of wave 3 (purple) as expected.

60 min USDJPY:

Traders need to be cautious of the top at 110 (red line), which is a strong resistance level.