Daily Wave Analysis for 17 February 2014 2014.02.17

Február 17, 2014 08:04


The EURUSD has used the 61.8% Fibonacci retracement as a support level for upside continuation, but price is now near resistance.

4 hour chart EURUSD:

A break above resistance (red dotted) could mean breakouts to the up and downside (green and red arrows).

60 min chart EURUSD:


The GBPUSD has broken major resistances (red lines) and the wave count is showing a potential for a wave 5 (black) of wave 3 (green) of wave 3 (blue).

4 hour chart GBPUSD:

The up channel will provide an idea how far the current upward impulse can last for wave 3 (green arrow), after which the wave count expects multiple waves 4 and 5.

60 min chart GBPUSD:


The invalidation level of the bullish wave 3 and 4 (blue) wave count is at 99 (thick brown line).

4 hour chart USDJPY:

Price action is behaving correctively. I therefore prefer to wait for a confirmation, which could be a break of the support (green solid line) or break of the resistance (orange trend line) before potential setups might occur (red and green arrows).

60 min chart USDJPY: