Daily Wave Analysis for 15 July 2014 2014.07.15

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 X and Y (blue).

60 min EURUSD:

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

GBPUSD

4 hour GBPUSD:

Price broke the bottom of the sideways zone that recently was built (red and green dottedlines), which indicates that the wave 4 structure was broken and waves 5 (brown and blue) have already completed. Whether the bigger wave 5 (green) is completere mains to be seen.

60 min GBPUSD:

The broken weekly resistance (solid green) at 1.7040 could now be a key support level.

USDJPY

4 hour USDJPY:

Price is potentially in wave Y’s (green and blue) of a wave X (magenta).

60 min USDJPY:

Assuming that the wave X (green) is indeed completed, price could be heading up towards a wave W (purple).