Elliott wave analysis of EUR/JPY and EUR/NZD

EUR/JPY

Today's Support and Resistance Levels:

R3: 132.07

R2: 131.55

R1: 131.01 - Invalidation point of the bearish count

Current spot: 130.75

S1: 130.52

S2: 130.33

S3: 129.90  

Technical Summary:

I'm still looking for an impulsive decline to develop any time now. Short term I'm looking for important resistance at 131.01 to protect the upside for a break below 130.33 and more importantly a break below 129.90, which confirms a continuation lower towards 128.17 and maybe even low. However, a break above important support at 131.01 will invalidate my bearish count and call for a rally higher towards 132.00 and make the triangle count my preferred count.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.7100

R2: 1.7050

R1: 1.7006

Current spot: 1.6975

S1: 1.6925

S2: 1.6856

S3: 1.6835

Technical Summary:

We should be close to the top of wave i of the new impulsive rally which began at 1.6325. I expect the top to be set close to 1.7100 from where we should expect a correction towards at least 1.6915 and more likely down to 1.6804, where wave ii will have corrected 38.2% of wave i. If wave ii ends at 1.6804 it will still be a sub-normal correction for a wave ii and indicate underlying strength in this cross.

Longer term I'm looking for much higher levels.