EURUSD and GBPUSD Retrace Large Parts of Bullish Gains after FOMC Statement 2015.03.20

4 hour EURUSD: the price action in response to the FOMC statement on Wednesday has created big bearish spikes on the USD. For the EURUSD this could suggest a bigger WAXY (orange) correction.

60 min EURUSD: the potential wave X (retracement) has reached the 78.6% of the FOMC bullish momentum (indicated as wave W orange).

GBPUSD

4 hour GBPUSD: an ABC (blue) zigzag correction could explain the current price action. At the moment price is testing the bottom as part of the wave B (blue) perhaps.

60 min GBPUSD: price has retraced back to the 88.6% Fibonacci retracement level of the bullish spike and has resistance (brown) and support (green) lines nearby.

USDJPY

4 hour USDJPY: the most likely wave count suggests that price is in a retracement of wave 4 (dark red).

60 min USDJPY: a bigger WXY (magenta) correction could be expected after the bearish momentum during the FOMC statement.