Daily Wave Analysis for 23 July 2014 2014.07.23

4 hour EURUSD:

The break of the 1.35 support level is the first time price has moved outside of the1.35-1.37 zone since the end of May. The 1.3450 level is an important Fibonacci target.

60 min EURUSD:

The wave 3 (red) of the wave 5 (dark red) seems to be unfolding now. The wave 4 (red) should not cross back into wave 1 territory if the wave count is correct.

GBPUSD

4 hour GBPUSD:

Price is either making an extension of wave 5 (green) or potentially completing the uptrend atthis point. As long as price is above the broken monthly resistance of 1.7040 (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The uptrend has been replaced by a sideways zone for the moment.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:

It’s unclear whether price is still within a wave Y (red) of a wave Y (purple) or whether it has been completed.