Daily Wave Analysis for 13 March 2014 2014.03.13

EURUSD

Price did bounce at the 38.2% Fibonacci retracement level and is now heading towards the Fibonacci targets.

4 hour chart EURUSD:

The break (green arrows) above resistance (magenta) is doing well and could be part of a 5 wave (magenta).

60 min chart EURUSD:

GBPUSD

Wave count has changed to a potential wave 1-2 (green).

4 hour chart GBPUSD:

An ABC correction seems to have been completed. The resistance lines (purple and magenta) have already broke earlier today which could potentially lead to up moves towards Fib targets.

60 min chart GBPUSD:

USDJPY

The wave count could be changed to an upside impulsive count (123 magenta 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: