Daily Wave Analysis for 17 July 2014 2014.07.17

4 hour EURUSD:

The breakout of the triangle (purple lines) has seen price fall towards the Fibonacci levels. A crucial level for bears and bulls is the 1.35 round number due to the horizontal support (green line) and bottom of consolidation.

60 min EURUSD:

The 1 hour has strong bearish momentum, which could indicate an impulsive count (indicated by brown numbering).

GBPUSD

4 hour GBPUSD:

The GBPUSD price remains above the broken monthly resistance of 1.7040 (red-green) line and could be heading towards further Fibonacci targets.

60 min GBPUSD:

Price has built a small triangle recently (purplelines). A break (green arrows) above it could indicate the continuation or price up to Fibonacci targets.

USDJPY

4 hour USDJPY:

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

60 min USDJPY:

Wave W (purple) completed yesterday once price broke through the support trend line (magenta). There is chance for price to complete a wave X and Y (purple).