The Wave 4 Correction Provides USD Bears Space Down to 23.6% Fibonacci Level 2015.03.25

EUR/USD

4 hour

The EUR/USD is probably correcting upwards as part of a larger wave 4 (green) with a 23.6% Fibonacci retracement level, which is at a confluence of other resistance levels.

1 hour

Price is most likely making an expanded correction (WXY magenta).

GBP/USD

4 hour

The support (green) and resistance (dark red) trend lines are important decision levels for the GBP/USD.

1 hour

A wave 4 (magenta) within a bullish zigzag (ABC blue) is still possible as long as price stays above the top of wave 1 (purple trend line).

USD/JPY

4 hour

The USD/JPY has been in a choppy bearish correction for the last few weeks. This can be most likely explained by WXY (magenta) of a wave 4 (dark red), which typically retraces to the 23.6% or 38.2% Fibonacci level.

1 hour

An expansion of the correction could be taking place on the lower time frames as the USD/JPY completes a wave W (red).