Monday December 11, 2006 - 05:29:04 GMT
Share This Story
FX-Strategy - www.fx-strategy.com
Daily Analysis for EURUSD
Resistance: 1.3193 ... 1.3207 ... 1.3235 ... 1.3270
Support....: 1.3125 ... 1.3102 ... 1.3067 ... 1.3040
We now look for the 1.3102-25 area to support for a return higher once again
Fridayâ€™s erratic price movement caught us out. However, we note that we are now declining just past the 1.3140 support while we note further support at 1.3102. Thus while 1.3102-25 supports we feel the Euro can move back higher. A move above 1.3160 would assist this process with next resistance levels at 1.3193 and then 1.3234. In this area we should see a pullback. Further resistance is found at 1.3270.
The pullback to 1.3141 has been seen with a mild breach but while the 1.3102-25 area supports we suspect a larger sideways consolidation before the next leg higher to 1.3440 at least. (December 11th)
Losses came, but quite as expected. Never-the-less we still feel that the 1.3102-25 area will support. Therefore, for a more bearish stance we require break of 1.3100 and only if seen would we see this extends towards 12.3064-69 at least. Next support is at 1.3018.
Losses have been seen but as before we require a break below 1.3100 to maintain the downward momentum for 1.2991-1.3018 at least. Next support is then at 1.2900-15(December 11th).
ELLIOTT WAVE COMMENTS
The 50% Wave iv retracement has been seen and we need allow for a 58.6% retracement at 1.3102 but also see an internal target within the decline at 1.3125. Thus we see this providing Wave iv â€“ or more likely Wave a of a complex correction and thus a recovery.
Only below 1.3100 would alter the medium term wave structure.
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."