Daily Wave Analysis for 12 February 2015 2015.02.12

4 hour EURUSD: a 4 hour wedge remains intact as long as price stays within the (darker) orange and green trend line.

60 min EURUSD: price is building a very tight correction (see trend lines) within the bigger wedge. A break below the support (green) could indicate the continuation of wave 3 (green).

GBPUSD

4 hour GBPUSD: the Cable is still caught between long-term resistance (orange) and short-term support (blue) and has not managed to break as yet.

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

USDJPY

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

60 min USDJPY: price is moving upwards in a neat channel (blue lines) but is now very close to the resistance (red).