Daily Wave Analysis for 1 July 2014 2014.07.01

4 hour EURUSD:

Price finally broke out of its 16 day range. The next question is whether price can extenditself into higher levels and Fibonacci targets before making a retracement(below red and orange).

60 min EURUSD:

The EURUSD could potentially continue with yesterday’s break outs (green arrows) if price breaks above top.

GBPUSD

4 hour GBPUSD:

Yesterday’s break to the upside is providing a 5^th wave continuation (just as with the EURUSD).

60 min GBPUSD:

Wave 3 (purple) could be completed at higher Fibonacci targets if price breaks aboveresistance (orange). The other possible scenario is a retracement down to thewave 4 versus 3 Fibonacci levels where price could bounce at the 23.6% or 38.2%retracements. A break below the blue line invalidates the current wave 4 wavecount.

USDJPY

4 hour USDJPY:

The current wave count is showing the potential for a wave X (purple) to be completed atone of the X vs W Fibonacci targets.

60 min USDJPY:

Price is heading towards the Fibonacci levels after last week’s break.