Daily Wave Analysis for 27 March 2014 2014.03.27

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 could be breaking out of the down trend channel (blue), which signals the potential end of the ABC correction at the 61.8% Fibonacci retracement.

4 hour chart GBPUSD:

Whether price is making an ABC or the start of 12345 remains to be seen.

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: