Daily Wave Analysis for 27 February 2014 2014.02.27

EURUSD

The EURUSD price structure remains choppy (big sideways consolidation). Price is currently resting at support (blue trend line).

4 hour chart EURUSD:

Yesterday’s move down went to the 50% Fibonacci level at +/- 1.3668. 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:

A break out scenario (green arrows) might take place above resistance (purple / magenta).

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 seems to being expanding its consolidation zone for a potential wave 2 (magenta). A break (green arrows) above resistance (red) would increase chances of a bullish count.

60 min chart USDJPY: