EUR/JPY
Today's Support and Resistance Levels:
R3: 135.76
R2: 135.50
R1: 134.79
Current Spot: 134.26
S1: 133.89
S2: 133.60
S3: 133.33
Technical Summary:
After a scary deep correction to 133.60 (100% of green wave i) yesterday I'm looking for a new impulsive rally to develop. Short term I expect minor support at 133.89 to protect the downside for a break above minor resistance at 134.79, which confirms a continuation higher towards at least 135.26 and likely even higher towards 136.08 as wave iii progresses.
However, at no time can a break below 133.60 be allowed as that would indicate, that a very complex correction is unfolding and will delay the upside progress for a decline to 133.30 and likely even closer to 132.61 before a new rally can be expected.
EUR/NZD
Today's Support and Resistance Levels:
R3: 1.6740
R2: 1.6685
R1: 1.6608 - Likely target for wave i of the new impulsive uptrend
Current Spot: 1.6578
S1: 1.6518
S2: 1.6475
S3: 1.6397
Technical Summary:
With a clear break above 1.6518 all doubts about this rally has been removed. A new impulsive rally is clearly developing. Looking at the structure from 1.6057 it's now in five waves, which indicates, that wave i of the new impulsive rally is near its top. I'm looking for a top in the 1.6608 - 1.6618 area from where wave ii towards at least 1.6478 but more likely we will see a deeper wave ii correction towards 1.6397 from where we should see wave iii higher take over. That said we have to remember, that we are looking for a wave ii correction and wave ii corrections are allowed to correct 100% of wave i.
Only a clear break above 1.6618 will call for a continuation higher towards 1.6685 and maybe even 1.6740, but that is not my preferred count at this point.
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