Daily Wave Analysis for 17 October 2014

EURUSD

The EURUSD is breaking resistance zones and correcting to higher levels, which is most likely part of a wave 4 (orange).

4 hour EURUSD:

Price could be in an ABC zigzag (green) to complete the wave 4 (orange).

60 min EURUSD:

GBPUSD

The GBPUSD remains in a downtrend but is struggling to break the bigger weekly support level (dark green).

4 hour GBPUSD:

The GBPUSD is moving correctively and choppily and is showing multiple corrective patterns.

60 min GBPUSD:

USDJPY

The USDJPY has retraced back to the 61.8 Fibonacci retracement level and would need to break above the resistance trend line (orange) to potentially confirm a wave 4 (red).

4 hour USDJPY:

On a lower time frame price is correcting sideways (orange and green trend lines) for the moment.

60 min USDJPY:

Original Source – Admiral Markets