Friday June 17, 2005 - 00:22:08 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 17th June 2005 Price:
Resistance: 1.2130 ... 1.2167 ... 1.2190 ... 1.2223
Support....: 1.2070 ... 1.2034 ... 1.2040 ... 1.1990
Mixed - waiting for breaks
Price tested the upper 1.2166 resistance mentioned yesterday and if there is to be any further attempts higher we shall need to see a break of 1.2125-30 first and then 1.2167 which should then cause follow-through to 1.2267. Further resistance found at 1.2303 & 1.2352.
The reversal from 1.2167 looks encouraging for the downside but it would be best to wait for confirmation of a break of 1.2055 which we then consider would cause the final dip to the 1.1965-00 target area.
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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