Elliott wave analysis of EUR/JPY and EUR/NZD

 EUR/JPY

Today's Support and Resistance Levels:

R3: 130.16

R2: 129.72

R1: 129.20

Current Sport: 129.05

S1: 128.83

S2: 128.21

S3: 127.62

Technical Summary:

After a push towards 129.71, we should be ready for the next impulsive decline towards 126.06 and our ideal target for wave C of this flat correction near 124.96. Short term I expect minor resistance at 129.20 to protect the upside for a break below 128.83 and more importantly a break below 128.21, which confirms, that the next impulsive decline towards 126.06 is developing. A break above 129.20 will confuse the picture, but only a break above 129.46 will force a short term re-count.

EUR/NZD

Today's Support and Resistance Levels:

R3: 1.6946

R2: 1.6872

R1: 1.6796

Current Spot: 1.6743

S1: 1.6674

S2: 1.6623

S3: 1.6572

Technical Summary:

I'm looking for the C-wave of a major flat correction to develop towards strong support at 1.6225. Short term I expect minor resistance at 1.6796 to protect the upside for a break below 1.6703 and more importantly a break below 1.6673, which confirms the next impulsive decline towards 1.6414. However, if resistance at 1.6796 breaks it will delay the downside pressure for a move slightly higher towards 1.6872, but under no circumstance can a break above 1.6946 be allowed as that would invalidate this bearish count.