Thursday August 25, 2005 - 00:33:29 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Forex: Daily Forecast for the Euro vs U.S. Dollar 25th August 2005 Price:
Resistance: 1.2293 ... 1.2316 ... 1.2340 ... 1.2369
Support....: 1.2240 ... 1.2227 ... 1.2206 ... 1.2160
We look for 1.2293-00 to cap and for losses back to 1.2200-06 at least and possibly 1.2160
Price proved more whippy than expected but overall we feel the pattern of a corrective rally remains but is close to a potential high which we feel will now be in the 1.2293-00 area. Thus a stronger bullish view will require a break above 1.2300 and preferably 1.2316 in which case we'd look for gains to extend to 1.2340-69 at least. Next resistance is in the 1.2410-20 pivotal area.
We were whipped out of positions yesterday but overall we retain the view that a move down to 1.2011 should occur over the next trading week. This should still imply a peak in the 1.2293 (max 1.2316) area and from there we shall expect to see a reversal back to 1.2200-06 at least and probably 1.2160 where a pullback is possible. Next support is then at 1.2567-80.
Elliott Wave Comments:
23rd August 2005
The pullback has reached the 1.2242-47 resistance. We feel this has a high chance of holding but note that the structure of the recovery has been a little clouded. Thus we need be a little cautious and allow for a deeper pullback to 1.2293 before the downside can continue. However, the approximate 1.2011 target remains and we feel that recovery will be seen from there.
25th August 2005
Price has been a little whippier than expected but we still feel that we are mapping out a second Wave x which should cap in the 1.2293-1.2316 area before the final ABC pattern can decline to the rough 1.2011 area.
(c) FX-Strategy Inc 2005
Disclaimer: Pro Commentary, FX-Strategy, FX-Strategy Pro Charts, and any related products or services, are analytical tools only and are not intended to replace individual research. The information provided here should not be relied on as a substitute for extensive independent research before making your trading/investment decisions. FX-Strategy is merely providing this service for your general information. No representation is being made that any software or training will guarantee profits or not result in losses from trading. The views are not necessarily those of FX-Strategy, its owners, officers, agents or employees. In addition any projections or views of the market provided may not prove to be accurate. FX-Strategy will not be responsible for any losses incurred on investments made by readers and clients as a result of any information contained in this service. Be sure to closely read and understand the risks of foreign currency trading as described on the FX-Strategy website.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."