Daily Wave Analysis for 10 February 2014 2014.02.10

EURUSD

The EURUSD made some upside gains during the news events last week but it is now sitting at a resistance line (solid purple) which is a bounce or break spot.

4 hour chart EURUSD:

Will the EU bounce or break this line? The wave count be impulsive (1-2’s) or corrective depending on the answer to that question (red and green arrows).

60 min chart EURUSD:

GBPUSD

The wave count has been tentatively formulated as bearish and impulsive for the moment.

4 hour chart GBPUSD:

For the moment there is a decent chance for wave 5 (orange) to be completed (red arrows). A break above the horizontal level (brown trend line) would invalidate a potential wave 4 (orange).

60 min chart GBPUSD:

USDJPY

Price could have completed a retracement for wave 4 (blue) and therefore a continuation higher from the 50% Fib up to wave 5 (blue) is a decent possibility. The invalidation level of the bigger wave 3 and 4 (blue) wave count is +/- 99 (thick brown line).

4 hour chart USDJPY:

The wave count is tentatively bullish (1-2’s) and would need a break above the channel (green arrow) to confirm that. If price breaks below the channel (red arrow) then the wave count would most likely need to be changed to bearish.

60 min chart USDJPY: