EURUSD, Wednesday, March 28 2012

The EURUSD started the new uptrend almost 8 weeks ago as for the monthly chart below. After completing wave 1 and 2 is now heading for wave 3. But watch out: if the uptrend stops at the upper boundary of the blue channel - 1.3440-1.3480 - we would have to re-think the whole wave count.

The weekly chart below confirm the temporary wave count but also show that we are on support resistance and we may have a small retracement

The daily chart below also shows a breakway candlestick which is usually very bullish

The 4h chart below also shows that we reached the target a 1.33850 followed but the start of retracement wave 4. If the wave count is right, the possible targets are 1.13267and 1.32400.

The 1h chart below shows our wave count more in detail. Given the major confluence (K), the new set of 5 waves down should fetch 1.3280. Also, other lower confluences are can be attained.