Daily Wave Analysis for 11 July 2014 2014.07.11

4 hour EURUSD:

Overall price remains in a tight consolidation (red and green lines) and it can continue with consolidating in between that support and resistance with various forms of corrective movements.

60 min EURUSD:

The EURUSD is making a small triangle (blue trend lines). A break out (green and red arrows) could occur if price breaks above or below it.

GBPUSD

4 hour GBPUSD:

Price is in a potential 5th wave with a typical presence of divergence.

60 min GBPUSD:

A potential breakout (green arrows) could occur for a 5^th wave (brown) up to the Fibonacci targets (100% / 161.8%). The wave count will consider 5 waves to be completed if price break below current wave 4 (brown). The wave 4 is taking unusually long to develop which could be a warning that the current wave count will change (see 4 vs 3 time Fib ratios).
 

USDJPY

4 hour USDJPY:

Price did break below the bottom yesterday and has expanded the corrective pattern.

60 min USDJPY