Daily Wave Analysis for 11 March 2014 2014.03.11

EURUSD

Price is close to long-term resistance (red line, top of blue channel) so a pullback to lower price levels could occur.

4 hour chart EURUSD:

Depending if and how price moves down, a bounce (green arrow) at the Fibonacci levels for a wave B (purple) and more upside for wave Y (green) and Y (brown) is a good probability. The other option is an immediate break above resistance (green arrows)

60 min chart EURUSD:

GBPUSD

Wave count has changed to a potential wave 1-2 (green). The Fibonacci levels could become support in the future.

4 hour chart GBPUSD:

An impulsive 12345 wave count could be unfolding. In that case price should break the current wave 3 (orange) bottom before breaking wave 1 bottom (red line) for potential downside movements (red arrows).

60 min chart GBPUSD:

USDJPY

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

4 hour chart USDJPY:

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

60 min chart USDJPY: