EURUSD Downtrend Reaches 1.05 and Could Complete Wave 3 2015.03.12

4 hour EURUSD: the bullish engulfing twins could be a first and very early indication that the wave 3 (green) is completed. This will depend on whether an extension takes place on the lower time frames.

60 min EURUSD: on the lower time frames a completion of wave 3 (green) is a likely scenario considering the breakout above the resistance trend line (dotted orange). Wave 4 Fibonacci levels are resistance spots.

GBPUSD

4 hour GBPUSD: the GBPUSD remains in a support zone despite the bearish price action and price is approaching the short-term resistance which is a bounce or break spot.

60 min GBPUSD: one of the key factors is how price will respond to the orange and red trend lines.

USDJPY

4 hour USDJPY: many support levels are present on the USDJPY such as the support trend line (green) and broken tops (red dotted). A failure for price to bounce back up could require a wave count change.

60 min USDJPY: the most likely wave count suggests a WXY (purple) correction before completing wave 4 (red).