Daily Wave Analysis for 17 February 2015 2015.02.17

4 hour EURUSD: price bounced off of the top of the triangle but the downside could be part of a wave B (green) of a larger WXY correction (green).

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 breakout above the long-term resistance trend line could lead to a change in trend.

60 min GBPUSD: it remains to be seen whether the ABC (magenta) zigzag can push to higher Fibonacci targets.

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: within the triangle the USDJPY is most likely making a WXY (purple) bearish correction and for the moment price seems to be heading up towards the Fibonacci levels of wave X.