Friday September 9, 2005 - 00:50:53 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 9th September 2005 Price:
Resistance: 1.2424 ... 1.2451 ... 1.2488 ... 1.2508
Support....: 1.2381 ... 1.2369 ... 1.2331 ... 1.2297
While 1.2416-24 caps there is still risk to 1.2331-69 but we expect a correction higher soon
Key resistance held yesterday and we have seen further grudging losses and we should allow for these to remain below 1.2416-24 and approach the 1.2331-69 support band. However, we look for this area to hold and generate a reversal higher that should move above 1.2424 and towards 1.2451 at least and possibly as high as the 1.2488-1.2508.
While 1.2416-24 caps we feel there is room for additional losses during early trading down to 1.2369 minimum but no further than 1.2331. We expect this area to support and generate a pullback. Thus a stronger bearish stance requires a break below 1.2331 and if seen would extend losses down to 1.2297 at least with 1.2234-55 the next significant support area.
Elliott Wave Comments:
9th September 2005
The move lower has been frustrating and the structure is unclear but we now feel this has developed in three waves lower with an end to Wave c likely to be in the 1.2331-69 area. We will tentatively label this Wave -i- and will then look for a correction in Wave -ii- before any further losses can be seen. Once we have identified the expected coming low we can begin to look for retracement resistance for Wave -ii- though we feel this should be a minimum of 1.2451 and more likely to 1.2508-36.
(c) FX-Strategy Inc 2005
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