Daily Wave Analysis for 18 February 2014 2014.02.18

Február 18, 2014 08:33


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

4 hour chart EURUSD:

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

60 min chart EURUSD:


The GBPUSD has broken major resistances (red and orange line) 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:

It is not clear whether wave 4 (red) has been completed or not, but breaks to the upside are aligned with the trend (green arrows).

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 broke from trend line (orange) to top as indicated in the yesterday’s screenshot. A break of resistance might mean a continuation of the upmove (green arrows) to the next resistances.

60 min chart USDJPY: