Daily Wave Analysis for 7 February 2014 2014.02.07

EURUSD

The EURUSD broke out of the channel to the upside (broke the higher blue and red line) and is now sitting at a next resistance line (purple).

4 hour chart EURUSD:

Will the EU bounce or break this line? The NFP news event will probably give the answer, but watch out for this very volatile news.

60 min chart EURUSD:

GBPUSD

The GBPUSD has broken the uptrend (break of the blue channel). For the moment the wave count has been tentatively formulated as bearish and impulsive.

4 hour chart GBPUSD:

It is not clear whether wave 5 (orange) has been completed and this will depend on the impact of the NFP news event.

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 red line).

4 hour chart USDJPY:

It is not clear whether the down trend on the lower time frame been completed or whether it still has some downside continuation left.

60 min chart USDJPY: