Daily Wave Analysis for 27 February 2015 2015.02.27

4 hour EURUSD: yesterday a break occurred below the support level (green dotted line) of the consolidation zone. This indicates that the continuation of wave 5 (purple) has become more likely.

60 min EURUSD: the broken support could act as a resistance in the future. The next important support is the previous bottom and round number of 1.10.

GBPUSD

4 hour GBPUSD: the GBPUSD could continue its uptrend as long as price stays above the support trend lines (blue and dark green). A break below them could signal the completion of the uptrend.

60 min GBPUSD: the rising wedge chart pattern broke yesterday when price went through support (dotted blue). For the moment the wave count is showing an ABC (blue) but the count is vulnerable to change.

USDJPY

4 hour USDJPY: the space in USDJPY wedge between the support and resistance is becoming smaller.

60 min USDJPY: besides the potential for an ABC (blue), price could also remain in the wedge and use the support and resistance as bouncing spots.