Daily Wave Analysis for 10 December 2014 2014.12.10

4 hour EURUSD:

The down trend is well captivated by the trend lines (orange) and is close to reaching monthly support (green line) at 1.2050-1.2250. Although the bullish spikes are gaining more momentum, price is still in the downtrend channel.

60 min EURUSD:

The EURUSD is at a resistance trend line (orange) and at a break or bounce spot. The invalidation level of the current wave count (green) is the top of wave 4 (purple).

GBPUSD

4 hour GBPUSD:

For a wave 3 (purple) to occur price would need to fall strongly with a lot of momentum. The invalidation level of the purple waves is the top of wave 1 (100% mark).

60 min GBPUSD:

The GBPUSD is at a resistance trend line (orange) and at a break or bounce spot.

USDJPY

4 hour USDJPY:

Yesterday’s indication that the recent push up could have completed the waves 5 (blue and purple) seems to be correct as price is moving down quickly towards the potential wave 4 (magenta) Fibonacci retracement level. Please note that there are Japanese elections on Sunday which will be an unknown factor for the Japanese currency for the rest of the week and during the weekend.

60 min USDJPY:

The USDJPY could still be in wave X or Y (magenta) so Fibonacci levels have been left on both of them.