Daily Wave Analysis for 4 July 2014 2014.07.04

4 hour EURUSD:

In yesterday’s price action the EURUSD fell towards a support trend line (purple)and potential wave X (blue)Fibonacci retracement levels.

60 min EURUSD:

The EURUSD could potentially break out (greenand red arrows) if price breaks above resistance (red and orange) or belowsupport (purple and Fib level) trend lines.

GBPUSD

4 hour GBPUSD:

Price is in a potential 5th wave with slight divergence.

60 min GBPUSD:

Yesterday’s price action indeed bounced at the 38.2% Fibonacci retracement level. Apullback to half way (orange level) could be another bouncing potential (greenarrows) for a 5^th wave (brown) up to its Fibonacci targets (100% /161.8%).

USDJPY

4 hour USDJPY:

The current wave count is showing the potential for a move up towards the waves Y (blue,green, purple).

60 min USDJPY:

Price couldbe making a wave 4 and 5 (red) of a potential ABC zigzag (black).