Wednesday June 29, 2005 - 00:27:07 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 29th June 2005 Price:
Resistance: 1.2077 ... 1.2101 ... 1.2145 ... 1.2184
Support....: 1.2048 ... 1.2028 ... 1.1982 ... 1.1965
While 1.2077-00 caps we look for losses to 1.2028 and later to 1.1980
Loss of 1.2139 & 1.2107 appears to place any bullish stance on hold. Only a move back above 1.2077-00 would allow gains to extend towards the 1.2140-50 pivot resistance with further resistance at 1.2184-1.2207.
Loss of 1.2139 and then 1.2107 appears bearish. While 1.2077-00 caps we see losses extending to the 1.2020-30 area initially and after a small pullback we look for a retest of the 1.1965-80 area which should hold.
Elliott Wave Comments:
29th June 2005
Yesterday's decline appears to deny the flat correction and may mean that the downside is already under focus. We should be cautious in case we are seeing a more complex correction but any dip below 1.1965-80 would imply losses to 1.1765 at least and where Wave -iii- is equal to 138.2% of Wave -i- and where there is a large weekly support.
(c) FX-Strategy Inc 2005
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