An excerpt from Pro Commentary
[B]Price:[/B] 1.9659
[B]Resistance:[/B]1.96741.97121.97381.9756[B]Support:[/B]1.96511.96051.95771.9546
[B]Bias:[/B]The structure does seem bearish with the only barrier being at 1.9605
[B]Daily Bullish:[/B]Losses were obviously very strong yesterday and have reached the 1.9650-55 support and this does have an argument to hold – although a stronger support is at 1.9605. Only while one of these two levels hold and cause a stronger reversal back above 1.9712 and then 1.5756-74 would the picture reverse in the medium term. Next resistance levels are then found at the 1.9830+50 pivot area and the 1.9925.[B]MT Bullish:[/B]Yesterday’s losses were very stronger and the only possibility of seeing a stronger recovery is while the 1.9605 support holds. Back above 1.9774 would cause an eventual move back to the 2.0047 corrective peak. ([B]9th April[/B])[B]Daily Bearish:[/B]Loss of 1.9872 and 1.9845 triggered strong losses that whisked through 1.9727 to reach the 1.9650-55 support. I suspect this may provide a small pullback. A break above 1.9712 would allow a move to 1.9756-74. However, while this caps the next move should be lower. Below 1.9650 sees 1.9605. Again take care here – only breach would imply extension of stronger losses to 1.9362 from where a pullback would be expected. [B]MT Bearish:[/B]Yesterday’s losses do look to have bearish potential but must clear 1.9605 to extend to 1.9335-60 and following a pullback to 1.9270 minimum and possibly 1.9020. ([B]9th April[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]9th April[/B]
Yesterday’s losses do look bearish in Wave © of Wave (iii). A 138.2% projection in Wave (iii) lies at 1.9270 which is very close to a 161.8% projection in Wave ©.
The only barrier to this is the small risk of an expanded flat Wave (b) with a 23.6% expansion at 1.9651 and a 38.2% expansion at 1.9605.
Thus watch these supports with care. From the look of the pattern I’d prefer a directly bearish move to the 261.8% projection in Wave iii of Wave © at 1.9362 – which was the last Wave (b) in the recovery to 2.0397. This should then cause a correction in Wave (iv).
Only back above 1.9774 would imply the expanded flat will take price back to 2.0047.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique analysis to guide you through the trading day[/ul]