Daily Wave Analysis for 24 February 2014 2014.02.24

Február 24, 2014 07:59


The EURUSD price structure remains choppy (big sideways consolidation), although most recently an uptrend can be detected (blue support lines).

4 hour chart EURUSD:

A break above resistance (purple) or below support (blue) could mean breakouts to the up or down side (green and red arrows) but the spaces are very small as support and resistance is close by.

60 min chart EURUSD:


The wave count is showing a potential for a wave 5 (black) of wave 3 (green) of wave 3 (purple).

4 hour chart GBPUSD:

A break out scenario (green arrows) might take place above resistance (purple).

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 seems to being expanding its consolidation zone for a potential wave 2 (green). A break (green arrows) above resistance (red) or a bounce (green arrow) at support (blue & purple)  would increase chances of a bullish count.

60 min chart USDJPY: