Daily Wave Analysis for 13 February 2014 2014.02.13

EURUSD

The EURUSD respected the 61.8% Fibonacci retracement level at 1.35590 and continue in its corrective formation.

4 hour chart EURUSD:

A break above resistance (orange trend line) or a break below support (blue trend line) could mean breakouts to the up and downside (green and red arrows).

60 min chart EURUSD:

GBPUSD

The GBPUSD broke the key horizontal level (brown) for the break to the upside (as indicated by yesterday’s green arrow).

4 hour chart GBPUSD:

Price is now close to resistance (red).

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 (green arrow). The alternative is corrective count (magenta).

60 min chart USDJPY: