Daily Wave Analysis for 2 March 2015 2015.03.02

4 hour EURUSD: the breakout below the long-term consolidation most likely indicates a continuation of the down trend.

60 min EURUSD: the next important support is the previous bottom and round number of 1.10.

GBPUSD

4 hour GBPUSD: the GBPUSD is in an uptrend channel, which is represented by the trend lines (orange and dark green).

60 min GBPUSD: despite the uptrend channel the wave count is showing an ABC (blue) as the most likely scenario.

USDJPY

4 hour USDJPY: the current wave count is still considering the current swing as an B (blue). A break above the wave Y (blue) top would alter the count and place wave X (purple) further into the future.

60 min USDJPY: besides the potential for an ABC (blue), price could also remain in the wedge and use the support and resistance as bouncing spots.