Daily Wave Analysis for 19 February 2014 2014.02.19

EURUSD

Recently the EURUSD has bounced to the upside but the entire structure remains choppy (big sideways consolidation).

4 hour chart EURUSD:

A break above immediate resistance (orange) could mean breakouts to the downside (green arrows) but the spaces are very small as bigger resistance is close by (Fib targets and red lines).

60 min chart EURUSD:

GBPUSD

The wave count is showing a potential for a wave 5 (black) of wave 3 (green) of wave 3 (purple).

4 hour chart GBPUSD:

Price stopped at the 38.2% Fibonacci retracement level, which is often used by wave 4s. A break out scenario (green arrows) might take place above resistance (purple).

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 could be making another wave 1 and 2 (of wave 3 blue) OR the correction of wave 2 (green) is being expanded. A break (green arrows) above resistance trend line (dotted blue) would increase chances of bullish count. A break below line (magenta) might mean price could bounce (green and red arrow) at previous bottom (green).

60 min chart USDJPY: