Daily Wave Analysis for 20 August 2014 2014.08.20

4 hour EURUSD:

The wave 5 (orange) is falling towards Fibonacci targets but could also expect potential support at the weekly horizontal levels (blue).

60 min EURUSD:

Yesterday’s bearish breakout is working out nicely and price is heading towards targets.

GBPUSD

4 hour GBPUSD:

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

60 min GBPUSD:

Yesterday’s bearish breakout is working out nicely and price is heading towards targets.

USDJPY

4 hour USDJPY:

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

60 min USDJPY:

Price is breaking above various resistance layers and could be heading towards the Fibonacci targets.