Majors Stand Out due to their Indecisive Price Action 2015.03.27

EUR/USD

4 hour

The EUR/USD price action remains corrective and is unable to break out of the contracting triangle chart pattern (orange and green trend lines).

1 hour

Price action was unable to push above the horizontal resistance (red lines) and is now back at a support trend line (green) and a 38.2% Fibonacci level of wave X (magenta).

GBP/USD

4 hour

Despite the bearish breakout below the support trend line (dotted light green) price remains choppy and corrective.

1 hour

Price could be making an ABC correction as part of wave Y (purple) and correct to lower Fibonacci levels of the wave X (green).

USD/JPY

4 hour

The USD/JPY could be in wave 4 (dark red) correction which suggests the likelihood that more bearishness pressure until the retracement levels of 23.6% or 38.2% are reached.

1 hour

The USD/JPY completed a bearish zigzag (purple ABC) and could have retraced as part of a wave X (red).