Daily Wave Analysis for 4 February 2015 2015.02.04

4 hour EURUSD: the EURUSD is now very close to the bottom of wave 1 (purple) which is the invalidation level of the purple wave count.

60 min EURUSD: price action has made a bullish zigzag as expected per the wave analysis of earlier this week (green WXY).

GBPUSD

4 hour GBPUSD: price has approached a bounce or break spot at the resistance trend line (orange).

60 min GBPUSD: the invalidation level of the current wave 1 and 2 (purple) is at the origin of wave 1 (100% Fib level).

USDJPY

4 hour USDJPY: the USDJPY is in large triangle formation, which is best indicated by the trend lines (orange and green).

60 min USDJPY: price is approaching a resistance trend line (orange) and the Fibonacci targets of wave X (blue).