Wednesday March 9, 2005 - 01:16:01 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 9th March 2005 Price:
Resistance: 1.3361 ... 1.3406 ... 1.3430 ... 1.3446
Support....: 1.3325 ... 1.3304 ... 1.3287 ... 1.3255
While 1.3287-1.3304 supports we look for a final rally to 1.3406 minimum and possibly 1.3446
Gains were seen all the way to the 1.3355-83 resistance but they do not look complete. While support between 1.3287-1.3304 remains intact we feel the threat remains for a move to 1.3406 at least and if this rally begins from the higher support above 1.3304 then a target around 1.3446 is possible. However, we would look for this to hold and cause a move lower. Further resistance is found at 1.3470 and 1.3531.
No move below any support yesterday and the move higher has been strong. There is chance for a retracement back to 1.3304 at least and possibly 1.3287. However we feel this will hold if seen to generate a further move higher. Thus, only a break below 1.3287 and then 1.3255 would allow losses to accelerate down to the 1.3174-90 support area which should hold on first test.
Elliott Wave Comments:
9th March 2005
The move to 1.3361 confirms the low at 1.3084 as Wave x and from there we are seeing a three wave structure higher. Wave -a- ended at 1.3253 and Wave -b- at 1.3174 and thus we can derive targets for Wave -c- at 1.3406 (Wave equality) and 1.3446 (138.2% of Wave -a-) In this region we should see the prior uptrend line retested and most likely see a bearish divergence in the 8-hour chart. Thus a top is envisioned here and a return to Wave -b- at 1.3174 should be the first move lower.
(c) FX-Strategy Inc 2005
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