Daily Wave Analysis for 19 August 2014 2014.08.19

4 hour EURUSD:

The wave 4 (orange) usually has a retracement ending at the 23.6% and 38.2% Fibonacci retracement levels. A break above the red line would invalidate wave 4 (orange).

60 min EURUSD:

A breakout (red arrows) could occur below support (green lines) towards Fibonacci targets.

GBPUSD

4 hour GBPUSD:

The GBPUSD is completing a bearish wave 5 (magenta).

60 min GBPUSD:

There could be a 5 wave (dark red) within the 5th wave. A breakout (red arrows) could occur below support (orange line) towards Fibonacci targets.

USDJPY

4 hour USDJPY:

The USDJPY is consolidating in a narrow range between support (green) and resistance (purple/red).

60 min USDJPY:

If prices breaks above the resistance lines (purple/red), then wave X (dark red) was most likely completed at the bottom of wave Y (red).