Daily Wave Analysis for 21 March 2014 2014.03.21

EURUSD

The jury is still undecided whether this is an impulsive 5 wave down (green letters) or an ABC correction (black letters). 4 hour chart EURUSD:

The usual wave C target has already been hit. Now it will be interesting to see if price bounces or breaks at the wave 4 Fibs. In case of a move down, there is potential daily support at the 50% Fib (green).

60 min chart EURUSD:

GBPUSD

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

4 hour chart GBPUSD:

Currently the most likely wave count is indicating a wave 4 and 5 (purple) of wave c (orange).

60 min chart GBPUSD:

USDJPY

The USDJPY remains in a consolidation between support (green) and resistance (red). For the moment I am cautious and waiting for more price action information.

4 hour chart USDJPY:

60 min chart USDJPY: