Daily Wave Analysis for 28 March 2014 2014.03.28

EURUSD

Price is now potentially making a wave X (purple) of a bigger wave X (red) correction before the uptrend (light blue lines) continues. Whether wave X (red) finished yesterday at the 50% Fibonacci level or retraces lower to the 61.8% Fib remains to be seen.

4 hour chart EURUSD:

Price has support and resistance lines (magenta + purple) 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:

Price seems to have made the wave 5 of wave 3 yesterday. There is still a potential for a wave 4 and 5 (green arrow).

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: