Daily Wave Analysis for 14 February 2014 2014.02.14

EURUSD

The EURUSD bounced at the 2 trend line support (blue and black), then broke resistance (orange) trend line to move up to the 61.8% target (blue) as shown in yesterday’s charts.

4 hour chart EURUSD:

A break above resistance (purple trend line) or a break below support (blue trend line) could mean breakouts to the up and downside (green and red arrows).

60 min chart EURUSD:

GBPUSD

The GBPUSD is close to major resistances (red lines).

4 hour chart GBPUSD:

Price is now close to resistance (red) and could struggle with the uptrend.

60 min chart GBPUSD:

USDJPY

The invalidation level of the bullish wave 3 and 4 (blue) wave count is at 99 (thick brown line).

4 hour chart USDJPY:

Price has the potential to break up (green arrows) or break down (red arrows).

60 min chart USDJPY: