Daily Wave Analysis for 19 February 2015 2015.02.19

Februar 19, 2015 06:00

4 hour EURUSD: the EURUSD so far has not able to break out of the triangle. A bearish break could indicate the start of wave 5 (purple) whereas a bullish break probably signals the continuation of wave Y (green) of wave 4 (purple).

60 min EURUSD: the triangle could see another expansion today after which the wave x (magenta) would move to a new bottom.

GBPUSD

4 hour GBPUSD: the bullish price action is building a rising wedge chart pattern via support (dark green) and resistance (orange) trend lines.

60 min GBPUSD: price stopped at the 61.8% Fibonacci target and would require a break above resistance (orange) before price can reach higher 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: the USDJPY has completed or still will complete a corrective wave X (purple) before completing the wave E (red).