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Daily Wave Analysis for 9 October 2014

By:
FX Empire Editorial Board
Published: Oct 9, 2014, 14:53 UTC

EURUSD The EURUSD broke above the downtrend channel (blue) which signals a high likelihood that wave 3 (orange) is completed and price is retracing in

Daily Wave Analysis for 9 October 2014

EURUSD

The EURUSD broke above the downtrend channel (blue) which signals a high likelihood that wave 3 (orange) is completed and price is retracing in wave 4 (orange).

4 hour EURUSD:

Daily Wave Analysis for 9 October 2014
Daily Wave Analysis for 9 October 2014

With the break of the trend line (purple), price could be in zigzag formation (ABC magenta).

60 min EURUSD:

GBPUSD

The GBPUSD also broke above a resistance trend line (dotted blue) which is indicating that price is most likely retracing higher to complete a wave Y (blue).

4 hour GBPUSD:

 Potential bullish targets could the Fibonacci levels of wave Ys (blue and green).

60 min GBPUSD:

USDJPY

The USDJPY is most likely in a wave 4 (red) correction. With the break of the support trend line it seems probable that price will retrace to the 38.2 Fibonacci retracement level.

4 hour USDJPY:

An ABC zigzag pattern (blue/purple) might take place to complete wave 4 (red).

60 min USDJPY:

Original Source – Admiral Markets

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FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.

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