Thursday March 13, 2008 - 04:58:46 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for EURUSD
||Only above 1.5575-1.5603 sees the uptrend continue towards 1.5797 else expect losses to 1.5281|
||Gains were seen as expected to 1.5388 and 1.5413 but this then turned into a stronger rally which has reached within 4 points of the 1.5575 resistance. I see two scenarios â€“ the difference being a peak at 1.5575 and the other at 1.5603. Both should cause corrections lower. Thus only look for the upside to extend even further on a break above 1.5603. If seen it would maintain the upward momentum for 1.5659-90 at least. Take care here. The next resistance is at 1.5710-30 which should cause a pullback if seen.|
||While 1.5200-60 supports the direction remains higher but we should watch 1.5575-00 which could cause a pullback first. The upside target is firming up on the 1.5797 area. (13th March)|
||Yesterdayâ€™s gains may look as if the uptrend is resuming unabated but we should be aware of the resistance at 1.5575-1.5603. If this holds then we shall see another correction lower that should reach the 1.5281 low once again and if this occurs from 1.5603 it could reach 1.5200-60. Loss of 1.5526 would help but below 1.5495-00 would relieve the upside pressure for a dip to the 1.5440 area which looks like it could provide a pullback. Breach of 1.5440 extends to around 1.5350 en route the 1.5281 low again. |
||Whatever happens now there seems little chance we shall see any dip below 1.5190 and even this seems only remotely possible. Thus await stronger selling signals before looking for a stronger decline. (13th March)|
ELLIOTT WAVE COMMENTS
The break back higher may not be resumption of the uptrend with a 38.2% expansion in Wave efb resting at 1.5575. Indeed, with Wave â€“ii- so brief we should be expecting a more complex Wave â€“iv-. Thus while the 1.5575 resistance holds there is still risk of losses back to the 1.5281 area but then this would cause stronger gains again to the weekly 76.4% projection in Wave (v) at 1.5797.
There is one alternative wave count (not shown) that would have a 423.6% projection in an alternative Wave â€“iii- at 1.5603. I donâ€™t like this one quite so much but even this would cause a deeper correction with 1.5200 possible.
Above 1.5603 then extends to the 1.5797 target.
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."