Daily Wave Analysis for 11 February 2014 2014.02.11

EURUSD
The EURUSD has broken through the resistance trend lines (purple) and could now be on its way up for wave Y (purple).

4 hour chart EURUSD:

Price action seems to be moving up correctively so a corrective wave count has been tentatively put on the chart. The top and the bottom of the channel (blue) will provide answers to which direction price could break out to (red and green arrow).

60 min chart EURUSD:

GBPUSD

The wave count has been tentatively formulated as bearish and impulsive for the moment.

4 hour chart GBPUSD:

For the moment there is a decent chance for wave 5 (orange) to be completed (red arrows). A break above the horizontal level (brown trend line) would invalidate a potential wave 4 (orange).

60 min chart GBPUSD:

USDJPY

Price could have completed a retracement for wave 4 (blue) and therefore a continuation higher from the 50% Fib up to wave 5 (blue) is a decent possibility. The invalidation level of the bigger wave 3 and 4 (blue) wave count is +/- 99.

4 hour chart USDJPY:

The wave count is tentatively bullish (1-2’s) and would need a break above the channel (green arrows) to confirm that. If price breaks below the channel (red arrow) then the wave count would most likely need to be changed to bearish.

60 min chart USDJPY: