Daily Wave Analysis for 25 July 2014 2014.07.25

4 hour EURUSD:

The break of the 1.35 support level is the first time price has moved outside of the1.35-1.37 zone since the end of May. However despite the break, there is a decent chance that wave 5 (dark red) has been completed with yesterday’s fall.

60 min EURUSD:

If wave 5 (dark red) is not finished, then the Fibonacci levels could be the targets.

GBPUSD

4 hour GBPUSD:

The break below 1.7040 (red-green) changes perspectives: the wave count now shows wave 5’s as completed at the top.

60 min GBPUSD:

An impulsive 12345 (dark red) could potentially complete wave 5 (magenta). The wave 4 should not cross into wave 1 (orange line).

USDJPY

4 hour USDJPY:

Price is now moving towards the Fibonacci targets of wave Y (dark red) but faces the resistence of the trend channel.

60 min USDJPY:

Price indeed bounced yesterday back up to complete wave X (dark red).