Daily Wave Analysis for 14 November 2014 2014.11.14
November 14, 2014 09:29
4 hour EURUSD:
Price is in between a resistance (red) and a support (green) trend line, which is indicating a contracting wedge.
60 min EURUSD:
A potential bearish breakout (red arrows) could occur below support (green trend line).
GBPUSD
4 hour GBPUSD:
The GBPUSD is for the moment indeed breaking below the support trend line (green) as was mentioned yesterday as a pre-requisite for the wave 3 (blue).
60 min GBPUSD:
The bearish momentum could be part of a wave 3 (purple).
USDJPY
4 hour USDJPY:
The USDJPY is in a strong bullish momentum and it could still move up higher for wave 3 (purple) and then wave 5 (red).
60 min USDJPY:
Price is trying to push above the resistance trend line (orange); the Fibonacci levels can be used for targets.