Daily Wave Analysis for 25 March 2014 2014.03.25

EURUSD

The impulse up yesterday could potentially be a wave X (purple) of a bigger wave X (red) correction before the uptrend (light blue lines) continues.

4 hour chart EURUSD:

The usual wave C (blue) target of wave X (purple) has been hit at the 61.8% level – although there is a chance that price can extend up towards the 100% level. The target for the wave Y (purple) is between 1.3660 and 1.3740.

60 min chart EURUSD:

GBPUSD

The GU is moving down in a balanced down trend channel (blue). For now the Fibonacci levels provide potential targets for this down movement.

4 hour chart GBPUSD:

Currently the most likely wave count is indicating a completion of wave 4 and 5 (red) of wave c (orange). A break of support (purple) could potentially translate into a break out (red arrows).

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, although break outs could always occur (red and green arrows).

4 hour chart USDJPY:

60 min chart USDJPY: