Wednesday October 6, 2004 - 00:45:21 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the Euro vs U.S. Dollar 6th October 2004
b> Price: 1.2315
1.2330 ... 1.2350 ... 1.2380 ... 1.2400
1.2305 ... 1.2275 ... 1.2255 ... 1.2225
While 1.2330 holds we are bearish to 1.2185
As expected yesterday's gains were erratic and peaked at 1.2330. Thus we prefer a bearish stance today. Only a break back above 1.2330 would alter this picture and suggest a direct move back to the 1.2380-00 area en route a test above 1.2460. Resistance would then be seen at 1.2475 and 1.2555.
Having seen the test and rejection at 1.2330 we feel the structure is right for a decline below 1.2275-90 to confirm further losses below 1.2256 and down to 1.2225-35 where a brief correction is expected before further losses to the ideal 1.2185 target where we look for a pullback to develop.
Elliott Wave Comments:
6th October 2004
The reversal lower from 1.2442 now suggests that Wave -v- found a peak there and this would thn be counted as Wave (b) or Wave (ii) of a larger decline. This being said, while the prior Wave -iv- has been broken at 1.2287 we would prefer to see the 1.2225-35 area broken to confirm strategic breaks. For now we are focussed on identifying the initial low which we see at 1.2185 and should form Wave (a) of Wave (iii).
(c) FX-Strategy Inc 2004
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."