Daily Wave Analysis for 17 June 2014 2014.06.17

EURUSD

As per the aforementioned H4 chart of EURUSD, price has bounced off of the bottom but considering the deep retracement the wave count is most likely a corrective ABC pattern (purple). At this point the wave count is highly vulnerable to change due to the bullish wave count in a down trend channel (purple) but the divergence (red line on oscillator) does make it most likely.

60 min chart EURUSD:

As per the aforementioned H1 chart of EURUSD, a potentially break out (green and red arrows) could occur if price breaks above the trend line (purple) or below support (green blue).

GBPUSD

The upward price action has so much momentum to it in fact, that the alternative bullish wave count (red letters) could be likely as well (instead of blue X).

The triangle (purple lines) could provide an idea which wave count is most likely. Breakout (red and green arrows) scenarios are possible to both sides but it is best to be cautious of the 1.70 round number close by for the upside and of the strong upside momentum present last week for the downside.

USDJPY

The aforementioned H4 chart of USDJPY stats that price could have completed a wave X (green) of a bigger WXY.

A potentially break out (green & red arrows) could occur if price breaks above the resistance trend line (red) or below the support trend line (magenta).