Daily Wave Analysis for 14 July 2014 2014.07.14
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, such as a wave Y (blue).
60 min EURUSD:
The EURUSD is making a triangle (purple 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 5th wave (brown) up to theFibonacci 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 could change (see 4 vs 3 time Fib ratios).
USDJPY
4 hour USDJPY:
Price is potentially in wave Y’s (green and blue) of a wave X (magenta).
60 min USDJPY:
It is not clear whether wave X (purple) has been completed or whether price will go to lower targets.