Daily Wave Analysis for 16 February 2015 2015.02.16

4 hour EURUSD: as a new trading week starts the EURUSD faces resistance at the top of the wedge. A bullish break could indicate a wave Y (green) formation whereas a bearish break might lead to a wave 5 (purple).

60 min EURUSD: when analyzing the 1 hour chart it seems more likely that a bullish zigzag is taking place (green ABC).

GBPUSD

4 hour GBPUSD: the Cable has broken the long-term resistance trend line and price is heading towards the Fibonacci targets.

60 min GBPUSD: an ABC (magenta) zigzag could be taking place.

USDJPY

4 hour USDJPY: the USDJPY is most likely building a contracting triangle formation (ABCDE-red) where E finishes at one of the Fibonacci levels.

60 min USDJPY: the USDJPY is making a WXY (purple) bearish correction within the triangle.