Thursday July 21, 2005 - 01:23:52 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the Euro vs U.S. Dollar 21st July 2005 Price:
Resistance: 1.2166 ... 1.2187 ... 1.2212 ... 1.2255
Support....: 1.2123 ... 1.2103 ... 1.2089 ... 1.2050
Mixed - waiting for breaks - probably range trading
Yesterday's rally was stronger than expected but moved to our weekly resistance at 1.2192-1.2212. Indeed, this remains key to the upside and only above here would trigger further gains today with 1.2255-83 the next resistance area. Further resistance at 1.2342.
The sharp rally to the weekly 1.2190-1.2212 resistance area probably implies a pullback at least. While 1.2166 caps we feel there is room to move down to 1.2123 at least and possibly as deep as 1.2089-1.2103. This could cause a pullback. Thus only below 1.2089 would allow further slippage with next support at the 1.2045-55 pivot support and further support at 1.1995-1.2015.
Elliott Wave Comments:
20th July 2005
The dip to 1.1956 appears to have satisfied the 76.4% retracement. Assuming this holds it would tend to suggest potential for a triangle pattern with yesterday's low being labeled as Wave ^b. Projecting a 61.8%-66.6% target of Wave ^a from 1.1951 we arrive at a target at 1.2193-1.2212 and thus we shall watch and review as price reaches this area.
21st July 2005
Well, we have see a much swifter move higher towards the 1.2193-1.2212 area implied within a triangle scenario. If this scenario is corerct then we'd expect a move no higher than 1.2212 and most likely a dip back to the 1.1995 area where Wave ^d would be 61.8% of Wave ^b.
Any breach of 1.2212 would imply gains extending towards the next major target at 1.2460-90 where daily Wave (iv) will have retraced 38.2% and where Wave c is equal to 138.2% of Wave a higher.
(c) FX-Strategy Inc 2005
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