Daily Wave Analysis for 16 July 2014 2014.07.16

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 (magenta) wave X (blue).

60 min EURUSD:

The EURUSD broke below the triangle mentioned yesterday and is falling towards the Fibonacci targets.A break below the daily support line (green) would increase the chance of a wave change.

GBPUSD

4 hour GBPUSD:

Yesterday’s news spike changed the wave count and prefer to consider this bullish move a spart of the wave 5’s (brown, blue, green).

60 min GBPUSD:

Price has moved towards the Fibonacci targets but price did not manage to break above the resistance (red line).

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).