Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

We did see support at 131.55 protect the downside for a break above 132.13, which indicates, that we should see a new challenge of resistance in the 132.55 - 132.77 area, if this resistance is overcome we can expect a continuation higher towards 133.54 and the ideal target near 134.47. If however, support at 131.55 is broken and more importantly if support at 130.94 is broken we will have to consider the possibility of a fifth wave failure at 132.55 and that the rally from 94.10 is over and a major correction is ongoing.

EUR/NZD

I'm still looking for strong support at 1.5744 to protect the downside for a break above resistance at 1.5812 and more importantly resistance at 1.5840, which will confirm the next rally higher to 1.5924 on the way towards the ideal target for red wave iii at 1.6481. That said a break below 1.5744 would likely be very short lived and will delay the next rally higher, but it should only be a matter of time before the next rally takes of and we will see the break above 1.5840.