EUR/JPY Elliott Wave analysis for June 25, 2013 Trend News

Today's support and resistance levels:

R3: 129.69

R2: 129.22

R1: 128.68

Current Spot: 128.15

S1: 127.85

S2: 127.28

S3: 126.76

Technical overview:

With the break below support at 128.14, we have had confirmation that a top is in place and a new decline towards important support at 124.96 is ongoing. Only a break below support at 124.96 will confirm our long held target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term, we are looking for a break below minor support at 127.85 for a continuation down to 127.28 and a break below here should accelerate the decline towards strong support at 124.96.

Trading recommendation:

We short EUR from 128.20 and will move our stop lower to 129.25. If you do not have short EUR positions already, then sell at a break below 127.85 with the same stop at 129.25.

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Elliott Wave analysis of EUR/NZD for June 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7053

R2: 1.6984

R1: 1.6934

Current Spot: 1.6910

S1: 1.6855

S2: 1.6825

S3: 1.6756

Technical overview:

We are looking for strong support at 168.25 (top of red wave i) to protect the downside for a break above resistance at 1.6975 and, more importantly, a break above resistance at 1.7053 which will confirm that a new high above 1.7113 will be seen. As the target for this ongoing black wave v we are looking for minimum 1.7162, but a more likely target is at 1.7400 and possibly at 1.7640. Once this black wave v finds its top we should expect the biggest correction we have seen since the 1.5080 low, both in points and in time.

Trading recommendation:

We are long EUR from 1.6450 and have our stop at 1.6820. As we are in the final parts of the rally from 1.5080 any new position should be regarded as a trading position only. That means close stops and quick exits.

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Elliott Wave analysis of EUR/JPY for June 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.91

R2: 129.70

R1: 129.38

Current spot: 128.08

S1: 128.71

S2: 128.42

S3: 128.14

Technical overview:

The falling channel resistance line has now been tested three times and held. Normally, this is a signs of strength and could indicate a very strong downside pressure soon. As we are looking for wave c lower, a strong downside pressure would make sense in our eyes. In the short term we are looking for a break below 128.61 as the first indication that renewed downside pressure is taking over. While a break below 128.14 is needed to confirm that yet another top is in place and wave c lower towards at least 124.96 is in progress. However, the risk is still a break above 129.90, which will open up for a move towards 131.31 and likely also higher towards the top at 133.81, in a much more complex correction.

Trading recommendation:

We are short EUR from 128.20 with a stop at 129.95. If you are not short EUR, we will recommend selling upon a break below 128.61 with the same stop at 129.95.

The material has been provided by InstaForex Company - www.instaforex.com



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