Daily Wave Analysis for 12 February 2014 2014.02.12

EURUSD

The EURUSD has broken through the resistance trend lines (purple) but also though the support lines (blue).

4 hour chart EURUSD:

Price moved up to the 100% target and stopped at that level. Price could potentially use the broken resistance (purple trend line) as support but overall the EURUSD is quite choppy in its price action.

60 min chart EURUSD:

GBPUSD

The wave count has been tentatively formulated as bearish and impulsive for the moment (orange numbers). A break above the horizontal level (brown trend line) would invalidate a potential wave 4 (orange) and the wave account would be changed from 123 (orange) to ABC.

4 hour chart GBPUSD:

There is a potential break below support (red arrows) or above resistance (green arrows).

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 trend line (green arrows) to confirm that.

60 min chart USDJPY: