Daily Wave Analysis for 4 November 2014 2014.11.04

4 hour EURUSD:

The EURUSD broke the 1.25 bottom but with less momentum than expected which raises question marks whether price is indeed in a wave 3 (purple). The 1 hour chart can help determine an invalidation point.

60 min EURUSD:

Waves 2 (magenta) cannot retrace further than the origin of the wave 1 at 1.2632, which is the invalidation level of the current magenta wave count.

GBPUSD

4 hour GBPUSD:

Various support levels hinder the downtrend continuation (blue and green lines). Since the completion of wave 3 (red) price has gone most of the time sideways.

60 min GBPUSD:

The price consolidation between the trend lines (orange) is probably part of a wave 4 (purple) but as the wave 5 (red) just started, one of the alternative wave counts could be a new wave 1-2 (instead of wave 3-4 purple).

USDJPY

4 hour USDJPY:

The USDJPY uptrend heavily accelerated above the resistance top (red line) last week, which istypical for a wave 3 (purple).

60 min USDJPY:

The most recent acceleration is probably part of wave 5 (light blue).