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Thursday December 13, 2007 - 04:03:56 GMT
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Daily Analysis for EURUSD

 

Price:                            1.4722

Resistance: 1.4725 1.4749 1.4769 1.4797
Support: 1.4690 1.4659 1.4637 1.4600

Hourly chart with indicators

Bias: There does seem to be risk of one more high which should remain below 1.4769-97

Daily Bullish: With 1.4659 being the lowest we saw yesterday it seems as if we are seeing a choppy correction that should move higher still. However, wait for break of the 1.4649 high and if seen it should allow extension to 1.4769 minimum and potentially 1.4797. Remain cautious at these levels and observe momentum – if a bearish divergence develops this should be the high. Only above 1.4800-18 would allow deeper follow-through to 1.4858-61. 
MT Bullish: I want to be cautious about the upside. The 1.4735-45 does provide resistance and only above suggests a test of 1.4797 minimum and possibly back to the 1.4858-61 area. (11th December)
Daily Bearish: Lack of downside keeps the bias higher. However, we have yet to break above the 1.4649 high and while this caps there is still no reason why we can’t see direct losses. However, wait for a break below 1.4690 and then 1.4659. If seen this should allow the downside to progress further to 1.4637 and probably below for 1.4576-00. Next support is at the 1.4523 low.
MT Bearish: I remain with a basic 1.4014-1.4100 target for this first move lower but we may see initial consolidation before the break lower. Back below 1.4523 and 1.4440 would confirm losses. (11th December)

 

ELLIOTT WAVE COMMENTS

Elliott Wave Comments

12th December

The 1.4749 corrective peak may well have been Wave (b). However, we need to be concerned about a complex correction which could see a 1.4523-1.4769 range.

Thus a breach of 1.4523 suggests losses to 1.4437-70. This will require attention as it represents a 38.2% expansion lower which could then imply a move back higher to the 1.4749 high seen yesterday.

On the upside only a clean break above 1.2724-30 would extend gains to the 61.8% retracement at 1.4797 and possibly the 76.4% retracement at the 1.4858-61 price high.

13th December

Care – there could be a double zig zag or triple three developing towards 1.4797 at least.

Ian Copsey

 

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