Daily Wave Analysis for 11 March 2014 2014.03.11

Március 11, 2014 08:18


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:


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:


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: