Friday June 3, 2005 - 00:35:36 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 3rd June 2005 Price:
Resistance: 1.2295 ... 1.2321 ... 1.2341 ... 1.2372
Support....: 1.2230 ... 1.2181 ... 1.2156 ... 1.2123
Slightly mixed though feel there is a slightly stronger argument for losses to 1.2100-10
If we are to see any further gains we require 1.2225-35 to support and for a break back above 1.2295 to allow a test of 1.2341 and while this may cause a small pullback we would then expect a test of the 1.2372 resistance which should cap. Further resistance is at 1.2390.
If we are to see a direct decline (which we marginally favor) we look for 1.2295 to cap and for a break below 1.2225-35 which we feel would then trigger losses down towards 1.2156 again and while this could cause a small pullback we expect an eventual test of 1.2100-10 before higher.
Elliott Wave Comments:
3rd June 2005
The sharp extension lower suggestes we are seeing a much larger decline and while there may be a possibility of a pullback from the 1.2110-15 area, overall we now target the 1.2002-12 area (where Wave iii = 423.6% of Wave i) and 1.1965-70 where Wave [c] = 138.2% of Wave [a].
(c) FX-Strategy Inc 2005
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