Daily Wave Analysis for 22 July 2014 2014.07.22

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 price could be heading towards wave Y (blue).

GBPUSD

4 hour GBPUSD:

Price is either making an extension of wave 5 (green) or potentially completing the uptrend at this point. As long as price remains above the broken monthly resistance of1.7040 (red-green), price remains in bullish territory.

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The uptrend has been replaced by a sideways zone for the moment.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 out 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 complete the wave structure.

60 min USDJPY:

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