[B]An excerpt from FX-Strategy’s Pro Commentary[/B]
[B]Price:[/B] 1.3606
[B]Resistance:[/B]1.36371.36581.36781.3732[B]Support:[/B]1.35951.35671.35271.3504
[B]Bias:[/B]Cautiously I look for losses – first support around 1.3567-70 and then at most 1.3480-1.3504
[B]Daily Bullish:[/B]The 1.3637 peak held and we have seen a small pullback and I favor more. To see a more bullish stance we would need a move not only above 1.3637 but also 1.3658-78. If seen then look for gains to resume directly to 1.3760 where I feel a peak should develop for a pullback. Next resistance is then found at 1.3827.[B]MT Bullish:[/B]The direct follow-through targets the 1.3760 level but this shouldn’t be seen directly but support around 1.3480-00 should hold for price to make this rally. Major targets for this rally are at 1.3932 & 1.4081. ([B]July 3rd[/B])[B]Daily Bearish:[/B]While we saw a peak at 1.3637 we haven’t really seen the pullback bite very deeply. I still prefer the downside for a little more but this probably won’t occur directly. At the moment I can see the current decline moving to the 1.3567-70 area which is likely to cause a small pullback. However, eventually I’ll look for the downside to extend towards 1.3504 at least and at most 1.3470-81. [B]MT Bearish:[/B]Yesterday’s break higher signals the MT uptrend has already extended and thus only back below 1.3470 would cause concern for a deeper pullback. ([B]July 3rd[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]3rd July[/B]
The alternative structure mentioned yesterday appears to be developing being an extended Wave (iii). I feel I have counted 5-wave from 1.3371 to 1.3637 but we should allow for the Wave v of that move to extend to a maximum of 1.3653-61. This should be Wave (a) of Wave (iii).
Wave (iii) has a 223.6% projection at 1.3760 and a 261.8% projection at 1.3827. Given the shallow Wave (ii) I suspect we are more likely to see a larger sideways Wave (b) with a 50% pullback (from 1.3637 at least) coming in at 1.3504 and note the 58.6% and pivot support at 1.3471-81.
Following this Wave (b) we should then see a rally to the 1.3760 level at least.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]