Friday June 22, 2007 - 03:07:15 GMT
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Daily Analysis for EURUSDPrice:
Resistance: 1.3410 ... 1.3436 ... 1.3475 ... 1.3504
Support: 1.3370 ... 1.3349 ... 1.3328 ... 1.3303
While 1.3405-15 (max 1.3436) caps I still feel losses to 1.3328-49 are likely (max 1.3303)
Losses stalled at 1.3370 and price has done the bare minimum to complete a correction. However, momentum still doesnâ€™t look that positive and we should be cautious about any bullish stance. Wait for breaks. First resistance is at 1.3405-15 and above here would attack the 1.3436 high and then possibly the 1.3472-79 area which also provides resistance. Much above there on decent momentum could take us to the 1.3545-53 area again but should cap.
The gains seen so far, while not technically having confirmed a reversal higher, do point that way with the first major peak expected at the 1.3553 corrective high. After a correction look then for 1.3681 and higher. (June 19th)
Well, we did see losses but these were minimal â€“ although sufficient to complete a corrective pattern. However, with momentum weak I have a greater feeling that weâ€™ll see additional losses. For this the 1.3405-15 area should ideally hold â€“ at the very most 1.3436. A direct break below 1.3371 would extend the downside and we should then watch supports at 1.3349, 1.3328 while a very deep pullback would see support at 1.3303.
We may have seen a low. Only a break now below 1.3203 would highlight risk of losses to 1.3116-37 en route 1.2865. (June 15th)
ELLIOTT WAVE COMMENTS
Now we have seen a double peak at 1.3436 and this could mean a flat correction which implies support at 1.2376-83 in a shallow Wave â€“b- and then a Wave â€“c- that moves to the 1.3553 Wave â€“b- high at least.
Any dip below 1.3370 could see a 61.8%-76.4% retracement between 1.3303-28 in Wave â€“b- before higher again.
The dip to 1.3371 may have completed a flat correction though I doubt and feel the 1.3405 high may well have been a Wave x and we should see a further ABC pattern lower. A 50% pullback in Wave â€“b- is at 1.3349, 61.8% at 1.3328 and 76.4% at 1.3303 before Wave â€“c- moves to 1.3553.
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