Thursday November 30, 2006 - 05:42:06 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for EURUSD
Resistance:..1.3180 ... 1.3225 ... 1.3259 ... 1.3282
Support....:..1.3125 ... 1.3085 ... 1.3063 ... 1.3040
Cautiously while 1.3116-30 supports we look for a move to 1.3231-59 at least
Breach of 1.3170 allowed the drift lower to reach the 1.3130 level from where we have seen a recovery. There is support at 1.3116-30 and while this continues to support we feel the upside can continue with an initial test back at the 1.3217 high and we suspect to 1.3231-59 at least. Observe this resistance since this does have potential to cap. If it breaks then we will look for further gains towards 1.3309-12 and probably 1.3340.
Resistance around 1.3184-89 has broken and therefore suggests extension to the upside to the next major target around 1.3340. Next larger resistance is at 1.3439-77. (November 29th)
The move lower has not breached the 1.3116-18 level and until this breaks we feel the upside is more at risk. Thus only a break here would allow the downside to extend a little further towards the 1.3085 corrective low and possibly 1.3060-66 which should hold if seen. Only break here would cause a stronger reaction lower to 1.2951-84.
With the break higher we place a bearish stance on hold. Only an earlier dip below 1.3020 would extend the downside to 1.2919-52 again. (November 28th)
ELLIOTT WAVE COMMENTS
We still search for the end of Wave iii and note a lower target at 1.3231-59 being a 161.8%-176.4% projection and if this breaks then expect extension to the 1.3340 target.
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."