Euro Weakness Dominates Forex Market 2015.03.08

4 hour EURUSD: the Euro weakness is dominating the Forex market, which means that the EURUSD has been falling strongly. This can be most likely explained by wave 3 (dark green) of the bigger wave 5's.

60 min EURUSD: price is even accelerating faster within the wave 3 (dark green) with a 5 wave of a lower degree (blue).

GBPUSD

4 hour GBPUSD: the bearish turn was expected but price has so far fallen very impulsively, which means that the wave count is subjective to change if breaks below the 100% Fibonacci target.

60 min GBPUSD: the downside is reaching a critical bounce or break spot when approaching the Fib targets.

USDJPY

4 hour USDJPY: the USDJPY managed to break above the key and very strong resistance zone of 120.50-120.80.

60 min USDJPY: price will most likely use the broken resistance as a support level in a wave 1-2 (blue) breakout.