Tuesday August 16, 2005 - 00:37:34 GMT
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FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the Euro vs U.S. Dollar 16th August 2005 Price:
Resistance: 1.2390 ... 1.2407 ... 1.2431 ... 1.2457
Support....: 1.2353 ... 1.2319 ... 1.2285 ... 1.2250
There is still risk to the 1.2319 (and possibly 1.2285) area but will expect a recovery soon
Losses seen as expected but we feel there is still room for a little more downside before a pullback can be seen. We see support at 1.2319 and we feel this should provide a good buying opportunity but stops should be placed below 1.2285. From this anticipated low we expect a pullback towards 1.2370-85 at least. Further resistance lies at 1.2430 and 1.2463.
Losses seen towards the 1.2330-40 target with a low seen at 1.2343. We feel there is still risk of further marginal losses and while 1.2386-1.2407 caps we look for these to reach 1.2319 which we feel is likely to provide a floor. Thus only below 1.2319 extends losses to 1.2285-95 but which should hold. Below 1.2285 is required to see a test of the 1.2250 pivot support.
Elliott Wave Comments:
12th August 2005
Cautiously we feel that we have seen Wave v complete at 1.2475-81 and this is labeled as Wave -a- and we now expect Wave -b- to develop. Although it is early to judge we note support around 1.2330 and a 50% retracement at 1.2220 which is close to the 1.2250 pivot support.
15th August 2005
In spite of the marginal high seen on Friday we continue to consider the peak at 1.2485 as being the completion of Wave -a- and that the first retracement should be to the 1.2330-40 area being the extreme of the last Wave iv and where we have a small wave equality target formed by the initial wave a low to 1.2381 and Wave b at 1.2445. This should cause a pullback and consolidation but overall we would expect a 50% pullback to the 1.2224 area which is just below the 1.2250 pivot support to form Wave -b-.
(c) FX-Strategy Inc 2005
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