Daily Wave Analysis for 18 July 2014 2014.07.18

4 hour EURUSD:

As price is approaching the major support level of 1.35, the ABC correction could be part of a wave X (blue).

60 min EURUSD:

The 1 hour has strong bearish momentum and waves 4 and 5 (dark red) could be remaining.

GBPUSD

4 hour GBPUSD:

As long as price remains within the uptrend channel (blue) a bullish rebound is possible andprice could eventually move towards further Fibonacci targets. Also, the broken monthly resistance of 1.7040 (red-green) is an important bull versus bear line.

60 min GBPUSD:

A break below the bottom (blue line) could lead to the 5 waves completed at the most recent tops. A breakout (green arrows) could occur above resistance.

USDJPY

4 hour USDJPY:

Price is potentially in wave Y’s (green and blue) of a wave X (magenta).

60 min USDJPY:

Yesterday’s bounce at the 100% Fibonacci target could be part of wave X (purple).