Daily Wave Analysis for 13 October 2014
The EURUSD bounced off of the 61.8% Fibonacci retracement level of wave X (blue) versus wave W (blue), which is most likely part of a bigger wave 4 (orange).
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4 hour EURUSD:
Typically waves 4 stop at the 38.2% Fibonacci retracement level; the 2nd most used turning spot is the 23.6% Fib.
60 min EURUSD:
The GBPUSD is in a triangle with a resistance trend line (purple) above it and a support trend line (green) below it, which can be part of a bigger wave 4 (red) correction.
4 hour GBPUSD:
Price could be making a bigger wave Y (blue) correction with another WXY (green).
60 min GBPUSD:
The USDJPY is most likely in a wave 4 (red) correction and has retraced back to the 38.2 Fibonacci retracement level, which could be a support.
4 hour USDJPY:
The C part of an ABC often goes to the 100% Fibonacci target (green) or the 161.8% (blue).
60 min USDJPY:
Original Source – Admiral Markets