Daily Wave Analysis for 21 February 2014 2014.02.21

EURUSD

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

4 hour chart EURUSD:

A break above resistance (purple) or below support (blue) could mean breakouts to the up or down side (green and red arrows) but the spaces are very small as support and resistance is close by.

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 (blue) OR the correction of wave 2 (green) is being expanded. A break (green arrows) above resistance trend lines (dotted blue & red) would increase chances of bullish count.

60 min chart USDJPY: