Daily Wave Analysis for 24 July 2014 2014.07.24

4 hour EURUSD:

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

60 min EURUSD:

The wave 4 (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:

The break below 1.7040 (red-green) again changes perspectives. For the moment the wave count shows a wave 5 of 5 of 5 as completed at the top.

60 min GBPUSD:

Considering the above, an impulsive 12345 (magenta) has been placed on the charts for the moment.

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:

The entire zone is choppy with potential Fibonacci targets on both sides of the range.