Elliott wave analysis of EUR/JPY and EUR/NZD for December 13 - 2013

EUR/JPY:

Today's Support and Resistance Levels:

R3: 142.83

R2: 142.42

R1: 142.12

Current Spot: 141.82

S1: 141.70

S2: 141.21

S3: 140.90

Technical Summary:

As we still haven't seen a break below 140.91 therefore it's still an open question whether we have an important top in place or not. As long as important support at 140.91 stays unbroken the underlying uptrend stays intact. That said, I do prefer an important top being in place at 142.83 and will be looking for minor resistance near 142.15 protecting the upside for the break below 140.91 confirming the top. 

 

EUR/NZD:

Today's Support and Resistance Levels:

R3: 1.6779

R2: 1.6718

R1: 1.6675

Current Spot: 1.6613

S1: 1.6581

S2: 1.6556

S3: 1.6516

Technical Summary:

I'm still looking for the final rally towards 1.6869 to end the leading diagonal. Once finished we should see a correction towards 1.6556 before a new powerful impulsive rally higher towards 1.7239 takes over. 

Short term expect minor support at 1.6618 to protect the downside for a break above 1.6675 confirming renewed upside pressure, for a possible rally towards 1.6869. Only a break below 1.6556 will invalidate the bullish outlook and add considerable downside pressure.

Elliott wave analysis of EUR/JPY and EUR/NZD for December 13 - 2013

EUR/JPY:

Today's Support and Resistance Levels:

R3: 143.88

R2: 143.22

R1: 142.81

Current Spot: 142.50

S1: 142.20

S2: 141.94

S3: 141.39

Technical Summary:

We have seen the expected rally towards 143.22 (the high till now has been 142.81). We are now in the very last part of the rally from 94.10. Only a break below 142.12 will indicate, that the top is already in place, but a break below 140.91 confirms, that wave v of 5 of I is in place and wave II lower towards at least 124.95 is taking over. 

However as long as support at 142.12 protects the downside, we could see a little more upside to 143.22 (our ideal target). Even a spike above 143.22 can not be ruled out, but it should be short lived.

EUR/NZD:

Today's Support and Resistance Levels:

R3: 1.6869

R2: 1.6800

R1: 1.6735

Current Spot: 1.6707

S1: 1.6673

S2: 1.6648

S3: 1.6590

Technical Summary:

The price action seen over the last couple of days, has been slightly disappointing and is not really in accordance with the scenario of a series of waves one's and two's developing. Therefore I have shifted my preferred count to a leading diagonal developing. Ultimately the outcome will be the same, a new powerful rally to 1.7239 and above, just the pace will be slower.   

Short term look for support at 1.6590 to protect the downside for the next powerful rally higher towards 1.6869. This should mark the end to the leading diagonal and call for a correction towards 1.6556 before higher again.