Sunday April 24, 2005 - 16:21:41 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 25th April 2005 Price:
Resistance: 1.3084 ... 1.3107 ... 1.3135 ... 1.3151
Support....: 1.3046 ... 1.3020 ... 1.2998 ... 1.2948
While 1.3080-87 holds we feel the greater risk is lower to 1.2948 at least and possibly 1.2903
No break back above 1.3085-90 area and this remains key to any direct gains. Thus before getting too bullish we feel it would be better to wait for a move above this area and if seen would imply follow-through to 1.3135 at least where a small pullback is possible with chance then of seeing 1.3151-68 and possibly the 1.3220-40 area.
No break below 1.3000 and this area still remains key to the downside. Indeed, we feel there is a stronger argument for the 1.3080-87 to remain intact and for losses to move below 1.3042-48 which would then trigger continued losses down to 1.2995-00 and then down to 1.2948 at least. Support is also seen at 1.2903 where would would begin looking for a recovery.
Elliott Wave Comments:
25th April 2005
We are beginning to consider the chance of a longer term sideways move with the 1.2767 low being Wave b of a larger triangle pattern. This being the case we'd look for upside targets around 1.3220-40 and possibly as high as 1.3339. Although still a little early we feel the initial dip in Wave b should be down to the 1.2903-48 area in Wave b of Wave ^c before the next leg higher.
(c) FX-Strategy Inc 2005
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