Daily Wave Analysis for 10 March 2014 2014.03.10

EURUSD

Price is close to long-term resistance (red line) so a pullback to lower price levels could occur. However, depending if and how price moves down, a bounce at the Fibonacci levels for a wave B (purple) and more upside for wave Y (green) and Y (brown) is a good probability.

4 hour chart EURUSD:

Price is in an uptrend within an established trend channel but close to resistance at the moment.

60 min chart EURUSD:

GBPUSD

If price breaks out of the triangle (purple) to lower price levels, then the wave count will be changed.

4 hour chart GBPUSD:

A break out scenario (green arrows) might take place above resistances (orange and red).

60 min chart GBPUSD:

USDJPY

The wave count between red and green remains corrective but could be changed to part impulsive count if price manages to fully break above the resistance trend line (purple).

4 hour chart USDJPY:

Potential break out scenario (green arrow) is possible upon the break of resistance trend line (purple).

60 min chart USDJPY: