​Daily Wave Analysis for 15 December 2014 2014.12.15

4 hour EURUSD:

The EURUSD has pushed above the down trend channel (orange) but did not manage to break last week’s high (red). It remains to be seen whether waves 5 (blue and magenta) are completed or whether the bullish momentum is a retracement for more downtrend.

60 min EURUSD:

The timing of when a trend will head into a bigger consolidation can always be too early or late, but at the moment the bullish momentum could be best explained by a 5 wave (magenta) belonging to a bigger correction (ABC blue).

GBPUSD

4 hour GBPUSD:

The invalidation level of the current wave 3 (purple) count is the top of wave 1 (purple) which is marked by the 100% Fibonacci level. A break of resistance however could be an early indication that waves 5 (red and blue) have already been completed.

60 min GBPUSD:

The GBPUSD’s price action has been very corrective and has formed a triangle (orange and green lines).

USDJPY

4 hour USDJPY:

The USDJPY is most likely correcting to lower levels for a wave 4 (magenta).

60 min USDJPY:

On lower time frames the USDJPY could either be in wave X or Y (purple) at the moment. The chart is currently showing wave Y (blue) of wave X (purple).