The first trading day of 2015 has arrived. Traders should be cautious when trading at end and beginning of a new year as price movements tend to be slower. The EURUSD is approaching a bigger monthly support level (green line).
The bearish price action has extended passed the invalidation level and thus the price action is impulsive and price is now most likely in a wave 3 (purple).
The GBPUSD is in a consolidation which is best captured by the 2 trend lines (purple).
Whether the correction of wave 4 (blue) is finished depends whether price will expand its correction to higher Fib levels or whether it can break below the support trend line.
The USDJPY is close to resistance, which will be an interesting break or bounce spot. If price does break the resistance, then wave 4 (magenta) most likely has been completed.
If price uses the resistance trend line (orange) as a bouncing spot then price could correct lower to the wave Y (red) Fibonacci levels.