Daily Wave Analysis for 26 March 2014 2014.03.26

EURUSD

Price is now potentially making a wave X (purple) of a bigger wave X (red) correction before the uptrend (light blue lines) continues.

4 hour chart EURUSD:

Price has support and resistance lines (magenta) which act as potential lines in the sand. A break of those lines could lead to potential break outs (green and red arrows).

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). Many layers of resistance need to break before upside break outs (green arrows) occur.

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: