Daily Wave Analysis for 16 December 2014 2014.12.16

4 hour EURUSD:

The EURUSD could have completed the big wave 3 (green) although more confirmation is needed before the probability of a wave 4 (green) underway has increased.

60 min EURUSD:

The bullish momentum could be best explained by a 5 wave (magenta) belonging to a bigger correction (ABC blue).

GBPUSD

4 hour GBPUSD:

The GBPUSD’s price action has been very corrective lately and has formed a sideways range (red and green lines).

60 min 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.

USDJPY

4 hour USDJPY:

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

60 min USDJPY:

Due to the break of the support trend line (green) there is a decent chance that price has completed wave X (purple) and it’s moving lower towards the wave Y (purple) targets.