Daily Wave Analysis for 28 February 2014 2014.02.28

EURUSD

The EURUSD price structure remains choppy (big sideways consolidation). Price bounced back yesterday at the 38.2% Fibonacci level.

4 hour chart EURUSD:

Due to the choppiness the wave count is highly vulnerable to change but smaller breakouts (green and red arrows) might occur.

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). The invalidation level (brown line) is the top of wave 1 (red), but  a full break below uptrend channel (blue) would reduce likelihood of clear bullish structure.

4 hour chart GBPUSD:

A break out scenario (green & red arrows) might take place above resistance (purple) or below support (mangenta).

60 min chart GBPUSD:

USDJPY

With the break of the support line (blue) the wave count becomes vulnerable to change. The invalidation level of the bullish wave 3 and 4 (blue) wave count is at 99 (thick brown line).

4 hour chart USDJPY:

Price has been very choppy. A break (green arrows) above resistance (red) would increase chances of a bullish count; whereas a break below support (red arrows) is needed before potential downside could occur.

60 min chart USDJPY: