Daily Wave Analysis for 19 January 2015

EURUSD

The Swiss National Bank’s decision has pushed the EURUSD downtrend below 1.15.

4 hour EURUSD:

The EURUSD hit the 200% Fibonacci retracement target.. The next major target on the weekly chart is at 1.13.

60 min EURUSD:

GBPUSD

It is unclear whether the wave 4 (green) has been completed or whether the correction will expand. A break of the support trend line (blue) increases the chances of that wave 4 being completed.

4 hour GBPUSD:

Whether the internal wave count is indeed wave 1-2 (purple) depends on whether the GBPUSD is able to break the consolidation zone.

60 min GBPUSD:

USDJPY

The USDJPY is in a wave 4 correction (magenta).

4 hour USDJPY:

The wave X (orange) of the USDJPY was expanded by a wave WXY (blue) correction.

60 min USDJPY:

Original Source – Admiral Markets