Thursday June 30, 2005 - 00:59:59 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 30th June 2005 Price:
Resistance: 1.2114 ... 1.2140 ... 1.2184 ... 1.2212
Support....: 1.2056 ... 1.2037 ... 1.2014 ... 1.1980
While 1.2114 caps we feel there is greater risk of further losses
Reversal seen from slightly higher than expected but unless 1.2114 breaks we still feel the major risk is lower. Thus only above 1.2114 would suggest a move back to 1.2140 at least which should be watched carefully and could cause a cap. Above 1.2140 would then threaten the 1.2184 corrective peak and then 1.2207-18 which should cap.
Losses reached the 1.2014 level and while 1.2114 caps we still feel the major risk is lower. However, we do need to be a little cautious with the possibility of a small sideways consolidation that has support around 1.2037 - if this breaks look for extension down to 1.1965-80 but only below here allows the downtrend to continue towards 1.1904-26 at least.
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.
30th June 2005
With price stalling at 1.2014 we have to keep in mind that with daily cycles bullish there is still the risk of a larger sideways correction - probably in the form of an expanded triangle with the 1.1980 low being Wave ^b and would then imply a Wave ^c in the 1.2218-38 area. Directly below 1.1965-80 implies direct continuation of Wave -iii-.
(c) FX-Strategy Inc 2005
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