Translate

Monday, February 24, 2014

Elliott wave analysis of EUR/JPY and EUR/NZD for February 24 - 2014

EURJPY

Today's Support and Resistance Levels:
R3: 141.87
R2: 141.29
R1: 141.04
Current Spot: 140.69
S1: 140.30
S2: 139.99
S3: 139.59
Technical Summary:
I'm still looking for the ongoing correction to hit resistance at 142.26 to end the X wave that began at 136.23. Once this X wave is finished we should see renewed downside pressure towards 136.23 on the way lower towards the ideal corrective target, for the entire rally from 94.10 to 145.69, at 126.00. 
Short term support at 140.30 will ideally protect the downside for a break above minor resistance at 141.04 confirm the next minor rally closer to the 142.26 target.

EUR/NZD

Today's Support and Resistance Levels:
R3: 1.6725
R2: 1.6673
R1: 1.6624
Current Spot: 1.6588
S1: 1.6558
S2: 1.6496
S2: 1.6445
Technical Summary:
The wave 2 correction we are looking for is still unfolding. Short term I expect minor resistance at 1.6624 will protect the upside for one more impulsive decline in wave c lower towards the ideal target at 1.6445. Once this wave 2 correction is over I expect a new powerful wave 3 higher towards at least 1.7141 and possibly even higher towards 1.7561.
Posted by at
Labels:

6 comments:

  1. UnknownFebruary 24, 2014 at 9:11 AM

    Hi EWS could be nice opportunity with ZAR wave iii up to 11.1069 correction a down to 10.9850 b @11.049 and c iv 10.9103 just above i 10.900 should now be looking for a build up for wave iv taget 11.16 whats your thoughts EWS
    Brgs jt

    ReplyDelete
    Replies
    1. Elliott wave surferFebruary 24, 2014 at 10:44 AM

      Hi JT,

      I think you are spot on, but you should play this move carefully because it should be the final rally and a top could be in any time now. But I'm looking for on last rally to above 11,3890.

      Kind regards
      EWS

      Delete
    2. UnknownFebruary 24, 2014 at 10:46 AM

      Sorry should be wave v target 11.16 for ZAR also CHF starting to lokk interesting rejection close to 8828

      Brgs jt

      Delete
    3. Elliott wave surferFebruary 24, 2014 at 11:26 AM

      Hi JT,

      No problem.

      USD/CHF should be close to a long term bottom. however, a break above 0.8914 is needed to indicate that te bottom is in.

      That said, I think buying close to 0.8828 with a stop at 0.8795 will offer a nice risk/reward opportunity.

      Kind regards
      EWS

      Delete
  2. HaiGoFebruary 24, 2014 at 10:22 AM

    Hi EWS,
    If EURUSD breaks above 1.3894, what would be the new count for EURUSD? And if that is the case, would you anticipate a higher corrective target for EURJPY, such as 145ish?
    Thanks,
    Haigo

    ReplyDelete
    Replies
    1. Elliott wave surferFebruary 24, 2014 at 10:52 AM

      Hi HaiGo,

      A break above 1,3894 will open up for a move closer to 1,4247. If we are looking at 1,4247, then yes I would expect something like 145.69. It could even move above that resistance if it turns into an expanded flat correction, but only time will show.

      Kind regards
      EWS

      Delete

Subscribe to: Post Comments (Atom)