Major Currency Pairs Offer Key Breakouts on Lower Time Frame Charts 2015.03.24

EURUSD

4 hour

The EURUSD used the wave B (magenta) support levels for a bounce yesterday. A next bounce could see price move towards the confluence of Fibonacci targets (green).

1 hour

The bullish zigzag (ABC purple) could have completed and an expanded correction (WXY) now seems the most likely.

GBPUSD

4 hour

An ABC (blue) zigzag correction is the most likely wave count although a contracting triangle could occur if price does not manage to stay above the dotted green support level.

1 hour

A breakout above the resistance trend line (orange) could indicate the start of another bullish wave (wave 5 magenta).

USDJPY

4 hour

The USDJPY is probably building an expanded correction as part of a wave 4 (dark red).

1 hour

A break below the support trend line (green) could be the start of bearish momentum towards the Fibonacci targets.