Wednesday December 15, 2004 - 01:27:29 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 15th December 2004 Price: ... 1.3298
Resistance: 1.3317 ... 1.3333 ... 1.3351 ... 1.3380
Support....: 1.3275 ... 1.3259 ... 1.3211 ... 1.3193
Mixed - waiting for breaks
Price rebounded from the 1.3333 resistance advised yesterday and dipped back down to the 1.3259 support. This level is quite important and we now need to see price remain above 1.3240-75 and break above 1.3317 to generate follow-through above 1.3333 to the next major target at 1.3380 and possibly as deep as 1.3408. However, the lower target appears more likely. This range should provide a pullback. Further resistance is seen at the 1.3468 high.
The 1.3240-59 area is critical and any bearish stance requires a break of this support area which would cause the decline to extend to 1.3193-1.3211 where a small pullback should be expected (to remain below 1.3260) down to the next major support at 1.3146-70. This area should hold else we may even see a stronger move lower to reach the original 1.3062 target.
Elliott Wave Comments:
December 13th 2004
We were caught out a bit on Friday with the break of 1.3192 but the move stalled at the 61.8% retracement of Wave [a]. As such it would be possible to argue that Wave [c] can begin its rally. However, we note that the 76.4% retracement of Wave [a] rests at the pivot support at 1.3062 and would imply a projection in Wave [c] of 161.8% that would take price to our ideal 1.3925 target for the end of the entire rally.
(c) FX-Strategy Inc 2004
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