Elliott wave analysis of EUR/JPY and EUR/NZD for January 9 - 2014

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EUR/JPY:

 

Today's Support and Resistance Levels:

R3: 142.97

R2: 142.85

R1: 142.64

Current Spot: 142.51

S1: 142.38

S2: 142.12

S3: 141.73

Technical Summary:

We are likely in the very early part of the powerful wave iii lower. This coming wave iii will ideally take us down to at least 136.43 and possibly lower. However, for the short term we need a break below support at 142.31 to indicate, that wave iii is getting momentum. Until the break below support at 142.31 is seen we could see this correction move a little higher towards 142.77 and even higher towards 142.85 and 142.97 before the wave iii really takes over. 

At no point can a break above 143.17 be allowed, as that will invalidate this count and delay for a move closer to 144.00 before down.



EUR/NZD:

Today's Support and Resistance Level:

R3: 1.6546

R2: 1.6518

R1: 1.6503

Current Spot: 1.6458

S1: 1.6439

S2: 1.6413

S3: 1.6368

Technical Summary:

The failure to clearly break below support at 1.6366 indicates, that a more complex correction is taking place. look for an expanded flat correction, which will like take us up to 1.6518 before the next downside pressure can be expected. I'm still looking for red wave v to take us down to 1.6200.

Longer term look for even lower levels in the ongoing wave C, which ideally will take us to 1.5793.