Sunday November 21, 2004 - 09:04:57 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 22nd November 2004 Price: ... 1.3025
Resistance: 1.3040 ... 1.3066 ... 1.3090 ... 1.3134
Support....: 1.3012 ... 1.2980 ... 1.2952 ... 1.2925
We look for 1.2980-00 to support and for gains to reach 1.3134 & probably 1.3168-88
As expected we saw price rally back towards the 1.3074 high, stalling at 1.3066. We feel there is further to go and while 1.2980-00 supports we look for gains to follow through above 1.3066-74 and to the next resistance at 1.3134. However, this level is expected to cap temorarily and generate a pullback to the 1.3040-60 area from where a final rally to 1.3168-88 is expected.
The rally to 1.3066 on Friday was encouraging and should limit the downside. Indeed, we feel this to be limited to the 1.2980-00 area and thus only below 1.2980 would imply losses down to 1.2925 where a brief pullback is expected. Further support is at 1.2836-46. Should we be right in our expectation of an initial move up to 1.3134 this would provide a short term selling opportunity for a pullback to 1.3040-60.
Elliott Wave Comments:
November 22nd 2004
The wave structure is still a little fragile but the upward move on Firday has allowed this to hold and as such we continue to focus on the 1.3168-88 target represented by a projection for Wave (iii) being at 1.3168 and being 261.8% of Wave (i) and also at 1.3188 which represents a 76.4% projection in Wave -v-. We therefore consider this a likely area to generate a correction lower before Wave (v) develops in the larger Wave -c- to the 1.3418 target.
(c) FX-Strategy Inc 2004
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