Elliott wave analysis of EUR/NZD for December 11, 2013 Trend News

Today's Support and Resistance levels:

R3: 167.50

R2: 167.16

R1: 166.61

Current Spot: 1.6626

S1: 1.6584

S2: 1.6550

S3: 1.6516

Technical summary:

We are still looking for green wave iii to push over resistance at 1.6750 confirming that a new powerful rally towards at least 1.7239 is developing. As long as resistance at 1.6750 stays unbroken the bearish alternative count, which comes into play upon a break below 1.6470, it is very much a possible count that we must respect. That said, we will stay focused towards the upside for a break above 1.6661 and more importantly the break above 1.6750 as long as support at 1.6521 protects the downside. A break below 1.6521 will be the first indication, that the alternative count could be in action.

Trading recommendation:

Stay long from 1.6520 and lift your stop to break-even. If you are not long in EUR yet, buy near 1.6590 or upon a break above 1.6750, with the same stop at 1.6520.

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Elliott wave analysis of EUR/JPY for December 11, 2013 Trend News

Today's Support and Resistance levels:

R3: 142.82

R2: 142.17

R1: 141.69

Current Spot: 141.36

S1: 140.99

S2: 140.40

S3: 139.96

Technical summary:

Ideally we will see support at 140.99 protecting the downside for a break above 141.69, confirming that the final rally higher towards 142.80 and possibly even higher towards 144.00 if the final wave extends. That said, we are close to the top for the rally of the 94.10 low. Once the top is in place we should be looking for a correction lower towards at least 124.95 and possibly even lower towards 118.72. However, for now we should be focused towards the upside as long as support at 140.99 and more importantly as long as support at 140.00 protect the downside. Only a break below 140.00 will indicate, that wave v of 5 is in place, while a break below 138.42 will confirm the top.

Trading recommendation:

We are looking for a selling opportunity at 143.60 or upon a break below 140.99 (let us say at 140.95).

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EUR/JPY H1 analysis for December 11, 2013 Trend News

General overview for 11/12/2013 07:30 CET

Both yesterday's targets was hit and the market is giving us some first indications of a possible top in place.

The first wave down has been done and now corrective cycle wave (ii) is developing. The first two waves a and b look to be done and there is one more wave missing to the upside to finish the corrective cycle UNLESS the cycle has been finished earlier.

Break below 141.00 as Intraday Support level makes Weekly Pivot prone to test. If Weekly Pivot is broken - this is the first weak top confirmation.

Support/Resistance:

142.15 - Swing High | Intrday Resistance |

141.74 - Intraday Resistance

141.00 - Intraday Support

140.70 - Weekly Pivot

Trading recommendations:

Sell the Intraday Resistance level at 141.74 with SL above 141.15 and TP at 141.00

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