Thursday December 6, 2007 - 04:09:13 GMT
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Daily Analysis for EURUSD
||Losses look likely but we need be careful of a possible correction to 1.4670-00 |
||The breach of the long term trend support implies any rallies will be corrective. This line rests around 1.4670-00 and that should be the maximum we see. This may be seen if price manages to break back above 1.4620 and if seen look for gains to the 1.4645-50 pivot area at least â€“ care as this could cause a reaction but overall we should see a test of 1.4670 minimum and 1.4700 maximum. |
||1.4670-00 should be the tops now and only a break back above here would revisit 1.4831 and 1.4966 â€“ max 1.5003. (6th December)|
||While loss of the trend support is clearly bearish we must allow for a retest of that line which is currently around 1.4670 â€“ at most 1.4700. If seen this area should provide good selling opportunities. The low we have seen already at 1.4571 may well hold, but if the 1.4595-1.4620 resistance areas cap to generate direct losses of 1.4570 then look for the downside to reach 1.4504 minimum and I suspect a much lower target at 1.4444 minimum and more likely 1.4406. |
||The 1.4580-00 area is critical to continued losses â€“ only breach would imply additional losses to 1.4428-44 at least and over time to 1.4187 and the implied target will be close to the 1.4014 corrective low. (4th December)|
ELLIOTT WAVE COMMENTS
Trend line broken and this should generate losses. I have changed the wave could slightly and this produces a 138.2% projection in Wave (iii) at 1.4504 and a 176.4% projection at 1.4406.
I suspect a move to the lower area since the automatic target area will be close to the daily Wave â€“b- low at 1.4014, probably stalling just above.
There is a little ambiguity about this early stage of the wave count lower and just in case we see a beak back above 1.4620-50 the trend line now rests around 1.4670-00 and this should be the most we see on the upside.
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