Thursday June 16, 2005 - 00:56:25 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar June 16th 2005 Price:
Resistance: 1.2131 ... 1.2158 ... 1.2190 ... 1.2223
Support....: 1.2100 ... 1.2073 ... 1.2040 ... 1.2000
While 1.2152-66 caps the emphasis remains lower
Reversal from 1.2015 has kept the sideways consolidation continuing and before we can get bullish we need a move above the 1.2152-66 area. Only if seen would we then look for follow-through to 1.2190 and 1.2223. Further resistance lies at 1.2255-72.
While the 1.2252-66 area caps we feel the downside still has sway and once a breach of 1.2073-1.2105 is seen we feel there is room for losses down to 1.2000 and then our long standing target at 1.1965-75.
Elliott Wave Comments:
16th June 2005
We have adjusted our wave count slightly but retain the major target around 1.1965-75. The move from 1.2027 appears to have been a flat correction and should stall in the 1.2152-66 area. This would be counted as Wave b of Wave v of Wave [c]. Taking a 61.8% projection in Wave c we arrive at 1.1960 which matches a daily Wave C of Wave [iii] being 161.8% of Wave A and is also where daily Wave [iii] is 161.8% of Wave [i]. Thus we still expect a pullback from this area.
(c) FX-Strategy Inc 2005
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