Daily Wave Analysis for 17 November 2014 2014.11.17

4 hour EURUSD:

The contracting wedge had a bullish break but heavy resistance is still above price. If price is still in a wave 4 (blue) then price will usually stop at the 38.2 or 50 Fibonacci retracement levels (invalidation level is the bottom of wave 1 (blue)).

60 min EURUSD:

A potential bearish breakout (red arrows) could occur below support (green trend line).

GBPUSD

4 hour GBPUSD:

The broken support (green) occasionally turns into a resistance level, which could be part of a bigger wave 3 (blue).

60 min GBPUSD:

The could be in wave 4 correction (purple), although there is a higher chance than usual that the wave count could be changed because the wave 3 (purple) momentum was low on the Awesome Osc.

USDJPY

4 hour USDJPY:

The USDJPY is in a strong bullish momentum and it could still move up higher for wave 5 (red) and then a wave 3 (magenta).

60 min USDJPY:

Waves 4 often stop at previous waves 4. In this case that would be around the same level as the 23.6 Fibonacci retracement level.