Daily Wave Analysis for 19 March 2014 2014.03.19

EURUSD

Wave Y’s (magenta and brown) could be complete and therefore the EURUSD retracement could become relatively deep (green Fib). However if pric,e breaks above resistance line (orange) and the current wave Y (magenta) top, then magenta Y will change to a wave W.

4 hour chart EURUSD:

There is a possibility that the ABC (orange) correction was completed yesterday. If that case, price could possibly breakout (green arrows) to higher targets.

60 min chart EURUSD:

GBPUSD

The GU triangle (blue) broke the downside and price fell indeed to the 50% Fibonacci retracement level (blue Fib).

4 hour chart GBPUSD:

The main question is whether the 50% Fib will be a bouncing spot for upside. If yes, then price will need to break above resistance (purple). If not, price would need to break below the 50% Fib.

60 min chart GBPUSD:

USDJPY

A potential wave 123 (orange) seems to be developing, although price is close to a support level (dark green horizontal level).

4 hour chart USDJPY:

A potential wave 45 (orange) breakout (red arrow) is possible as long as price stays below the resistance trend lines (brown/purple) and 38.2% Fib.

60 min chart USDJPY: