EURUSD and GBPUSD rapidly gain bullish energy 2016.03.14

EUR/USD

4 hour

The EUR/USD is building a smaller contracting triangle after showing a 400 pip bullish bounce. The bullish momentum could see price expand towards the waves Y.

1 hour

The EUR/USD seems to be building an ABC bullish zigzag (green). Price respected the 38.2% Fibonacci level and is now at resistance. The lower Fibonacci levels at 50% to 78.6% remain potential support zones. A break above resistance could see the start of wave C (green).

GBP/USD

4 hour

The GBP/USD keeps pushing higher in its uptrend channel and the wave structure has been changed to place the wave 5 (blue) at the bottom. For the moment a bullish ABC zigzag (pink) seems the most likely scenario unless price breaks above the top (brown).

1 hour

The GBP/USD is in a neat channel where a wave 5 (blue) of wave C (pink) is developing.

USD/JPY

4 hour

The USD/JPY remains in a larger sideways correction (orange/green).

1 hour

The USD/JPY respected the 78.6% Fibonacci level, which could be part of a wave B (green) within the bearish ABC zigzag.