EUR/JPY
After a small correction from the 120.12 high down to 118.56, I'm looking for the next rally higher towards the ideal target-area between 121.18 - 121.34 where I expect wave 3 to terminate and wave 4 to begin. A break above 119.17 will be the first indication, that we are headed higher towards 120.12 and 121.18, while a break above 119.42 confirms the rally to 120.12 and higher. The risk is a break below 118.56 and more importantly a break below 117.63 as that will indicate, that we already have seen the top of wave 3 and wave 4 is ongoing, for a correction towards at least 115.99 and likely even down to 113.55.
EUR/NZD
The correction from the 1.5977 high became slightly deeper than I expected with the test of 1.5837, but it's still a very small correction with sub-normal characters. I'm now looking for a break above minor resistance at 1.5926, which will confirm a new rally higher to 1.5977 towards the next targets at 1.6087 and at 1.6217. Longer term I'm looking for much higher levels. Short term the risk is a break below 1.5837, which will call for a deeper and more normal correction towards 1.5797 and maybe even down to 1.5747 before the next rally higher can be expected.
Hi,
ReplyDeletedo you think 1.9565 (2011 high) is possible this year at eur/nzd? Or 2 maybe? Of course, under condition of breaking 1.65 or 1.67 level.
Looks like wave 4 on face book is well under way. great call! What's your take on the current price action thus far in wave 4?
ReplyDeleteHi Marjan,
ReplyDeleteI don't know if it would be possible to reach 1.9565 in 2013. It might be under the right cicumstance, but if they will present them self I don't know. But I my view that is not important as long as you are trading the trend direction.
Kind regards
EWS
Hi Hedgiefundman,
ReplyDeleteAs it's very early in wave 4 the current price action is pretty strait forwards, but I sure it will not keep on being that way. AS we are likly looking at some kind of flat correction. This will be a hard wave to trade if someone would like to try that...
I would not be surprised if we saw a pretty quick wave A and maybe even a quick wave B and a slow C wave, but this is pure guessing from my side.
Kind regards
EWS