Daily Wave Analysis for 24 February 2015 2015.02.24
Februar 24, 2015 04:51
4 hour EURUSD: the main support and resistance lines of the consolidation are between +/- 1.1275 and 1.1450. The invalidation level for the wave 4 is the bottom of wave 1 (red line).
60 min EURUSD: price is using the consolidation bottom and top to as bouncing spots.
GBPUSD
4 hour GBPUSD: the Cable is in a 4 hour uptrend, although the price action is moving very correctively upwards.
60 min GBPUSD: a bullish breakout could be part of price moving towards the Fibonacci targets.
USDJPY
4 hour USDJPY: the USDJPY triangle (ABCDE red) also completes a wave 4 (magenta) after which the start of a wave 5 (magenta) will commence.
60 min USDJPY: within the wave X (purple) the USDJPY remains trapped in a tight range between +/-118.40 and 119.40.