Daily Wave Analysis for 12 March 2014 2014.03.12

EURUSD

Price did bounce at the 38.2% Fibonacci retracement level; however the retracement could become deeper (50% / 61.8% Fib).

4 hour chart EURUSD:

The break (green arrows) above resistance (magenta) could increase the probability that the downside correction is completed.

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 seems to have unfolded, which could be a wave A (orange) of an ABC. In that case there is a chance that price will make a wave B and C (orange) before resuming an uptrend.

60 min chart GBPUSD:

USDJPY

The wave count could be changed to an upside impulsive count (123 black letters) 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 lines (brown and magenta).

60 min chart USDJPY: