Daily Wave Analysis for 2 July 2014 2014.07.02
4 hour EURUSD:
The broken resistance (red) could become potential support (green) for a potential continuationup to Fibonacci targets, which could occur via an ABC pattern (orange).
60 min EURUSD:
The EURUSD could potentially continue with more break outs (green arrows) if price breaks above resistance (purple),which could be explained via a 12345 (blue) wave count of a wave A (orange).
GBPUSD
4 hour GBPUSD:
Yesterday’s continuation to the upside is providing a 5th wave extension.
60 min GBPUSD:
Wave 3 (brown) could have been completed at the 161.8% Fibonacci target but might extenditself up to 200% or 261.8% as well. The other possible scenario is aretracement to completea potential wave 4 (brown).
USDJPY
4 hour USDJPY:
The current wave count is showing the potential for a move up towards the waves Y (blue,green, purple).
60 min USDJPY:
The consolidation continues on the USDJPY as price bounces off the Fibonaccitargets for a potential wave W (purple).