Daily Wave Analysis for 20 March 2014 2014.03.20

EURUSD

Wave Y’s (magenta and brown) could indeed be completed and therefore the EURUSD retracement could become relatively deep (green Fib). However, price needs to fully break the uptrend channel (blue) before a down retracement is more likely.

4 hour chart EURUSD:

There is a possibility that the ABCDE (black) triangle is part of a wave B or even a wave 2 (although that is more rare). A break (red arrows) of the channel could see wave C or 3 unfold.

60 min chart EURUSD:

GBPUSD

The GU broke the support trend line (blue) and is moving down lower.

4 hour chart GBPUSD:

A break of the trend line (black) could see a break out (red arrows).

60 min chart GBPUSD:

USDJPY

The USDJPY remains in a consolidation between support (green) and resistance (red).

4 hour chart USDJPY:

60 min chart USDJPY: