Daily Wave Analysis for 21 July 2014 2014.07.21

4 hour EURUSD:

Price seems to have completed an ABC correction at approximately the 1.35 support level (green line).

60 min EURUSD:

The waves 4 and 5 (dark red) seem to be completed and could be heading towards wave Y (blue), which could mean a potential breakout (green arrows).

GBPUSD

4 hour GBPUSD:

Price bounced at the broken monthly resistance of 1.7040 (red-green) and is making a potential corrective pattern of WXY (brown) for the moment.

60 min GBPUSD:

The uptrend has been replaced by a sideways zone for the moment. The top and the bottom (green and red lines) are important levels for a potential break of this zone.

USDJPY

4 hour USDJPY:

Price is potentially in wave Y’s (green and blue) of a wave X (magenta). A break below support (green line) would most likely alter the wave structure.

60 min USDJPY:

Price could be making a wave X (red) of wave Y (purple).