Elliott wave analysis of EUR/USD; GBP/USD; EUR/JPY and EUR/NZD

 EUR/USD - Okay the triangle scenario seems to be the right one (good guess...). That means we should be looking for a rally higher towards resistance near 1.3110. Remember we don't have to hit this resistance level. We could easily see a high at 1.3065, which will end wave D, but only time will tell where wave D ends. However, once wave D is in place it's then things begin to be interesting, because we then need the final E-wave in the triangle, before we break out of the triangle to the UP-side.

 GBP/USD - Is ready to take on the resistance line back from the 1.6310 high again. Notice the Inverted S/H/S formation that has been building and will be triggered if this resistance line breaks. The target for this Inverted S/H/S is at 1.6380. A break above 1.6310 would on the other hand trigger a possible double bottom with a target at 1.7345.

 EUR/JPY - The big question is whether we have seen red wave ii finish or it's still ongoing? If resistance at 103.39 protects the upside for a break below 102.59, the we know red wave ii is over and a new decline towards 101.45 is under way. However, a break above 103.39 indicates that red wave ii is still ongoing and that we should see a move a little higher towards 103.59 before down.

EUR/NZD - With the break above 1.5789 yesterday is the first good indication, that the big expanding flat correction from the 1.5967 high is over and a new powerful rally is well under way. A break above 1.5820 confirms the bottom and the rally higher. Only a break below 1.5705 will indicate that we still need one more new low near 1.5652 before higher.