Elliott wave analysis of EUR/JPY and EUR/NZD for September 11 - 2013

 EUR/JPY

Today's Support and Resistance Levels:

R3: 134.48

R2: 134.14

R1: 133.81

Current Spot: 133.27

S1: 132.72

S2: 132.35

S3: 131.95

Technical Summary:

This pair is working its way higher towards the ideal target at 134.48 after we have begun the thrust out of the triangle consolidation. We will likely see a minor top at 134.14 for a correction towards 133.81, just be followed by the next rally higher to the ideal target at 134.48. Once at 134.48 we should expect a new correction towards 132.72 before the next impulsive rally higher towards 138.62. As we are in an impulsive wave higher we should expect, that the corrections will tend to be relatively small.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6676

R2: 1.6625

R1: 1.6565

Current Spot: 1.6478

S1: 1.6409

S2: 1.6383

S3: 1.6325

Technical Summary:

We are not really getting anywhere as this pair trade sideways. The big question is of cause, whether this is a bottom-consolidation and that we soon will see a break above resistance at 1.6565 as the first good indication, that this wave ii is finally over and wave iii higher is developing for a rally higher towards 1.7274 followed by 1.7780 as the next major target. Or is this just another consolidation before the next push lower towards the invalidation point at 1.6325. If we at any time break below 1.6325 my preferred count will be invalidated and the alternate count below steps up to be the preferred count. The alternate count calls for a continuation lower towards 1.6117 before the c-wave of an expanded flat correction finally comes to and end and wave iii higher can develop.