Daily Wave Analysis for 23 February 2015 2015.02.23

4 hour EURUSD: the wave 4 (purple) consolidation between +/- 1.1275 and 1.14 is taking longer than usual wave 4's last. The invalidation level for the wave 4 is the bottom of wave 1 (red line).

60 min EURUSD: price was unable to break below the consolidation bottom and made a bounce back up for wave Y (magenta).

GBPUSD

4 hour GBPUSD: despite the bearish break of the rising wedge (green line), price could still be building on part of the wave X (magenta).

60 min GBPUSD: the direction of the breakout could indicate whether bearish or bullish price action could be expected.

USDJPY

4 hour USDJPY: any bullish or bearish breakout has a high chance of encountering resistance or support due to corrective nature of the price movements.

60 min USDJPY: Friday's price action was again choppy with a fall and rise which was part of wave X and Y (green).