Daily Wave Analysis for 11 February 2015 2015.02.11

4 hour EURUSD: yesterday's price action was unable to break below the triangle support (green trend line).

60 min EURUSD: if the count indeed is impulsively bearish depends on whether a bearish break below the wedge will occur.

GBPUSD

4 hour GBPUSD: the Cable stopped is at an important crossroad: will the long-term down trend (orange) continue or will price break to the upside? A bullish break makes the current wave count vulnerable to change.

60 min GBPUSD: at this moment both a corrective and an impulsive wave count are equally likely.

USDJPY

4 hour USDJPY: price is trying to break out above the consolidation but a break above the horizontal resistance (red) is required before a contracting triangle formation is fully invalidated.

60 min USDJPY: the current wave count is showing an impulsive wave but the strength of the breakout will determine whether this price movement is a corrective zigzag in a triangle or an impulsive breakout.