Daily Wave Analysis for 20 February 2015 2015.02.20

4 hour EURUSD: a bearish break of the consolidation 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 wave X (magenta) indeed will be moved to an expansion of the correction, which could be valid for today as well.

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: the Cable has to break above resistance (orange) before it could reach higher Fibonacci targets, whereas a bearish break probably indicates the end of wace C (magenta).

USDJPY

4 hour USDJPY: the USDJPY is most likely within the final wave of the triangle (the wave E red). It could build on complex types of corrections within the wave E before breaking out.

60 min USDJPY: more extensions of corrections is likely as long as price stays in between the support and resistance lines.