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Monday, December 3, 2012

Elliott Wave Aanalysis on EUR/JPY and EUR/NZD


 EUR/JPY - A clear close above the long term resistance-line on the monthly time frame is long term bullish and the first major target is 111.43.
Short term we have now broken above the Base channel resistance-line, which is the first clue, that wave 3 is going to extend. The Base channel resistance-line should now act a support for the next powerful rally higher.

EUR/NZD - Here too the long term resistance-line was broken on a monthly basis, which is long term bullish for this cross with the first major target being 1.6976.
Short term we are currently seeing a break above the Base channel mid-line, which opens up for the next powerful rally higher towards the Base channel resistance-line, which currently is close to 1.6300.
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2 comments:

  1. AnonymousDecember 3, 2012 at 10:27 AM

    GM,

    are you still trading the EUR/USD?

    cheers

    ReplyDelete
  2. Elliott wave surferDecember 3, 2012 at 10:52 AM

    Hi Pedro,

    Yes just that I have been very busy since I came home from vacation.

    I will try to update it asap...

    But I can tell you there is no change in my view. Wave B ended at 1.2660 and wave C is developing, with a minimums target at 1.3355 and likely to just be 1.3800.

    Kind regards
    EWS

    ReplyDelete

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