An excerpt from FX-Strategy’s Pro Commentary
Price: 1.3033
Resistance:1.30541.30701.30921.3127Support:1.30161.30001.297512940
Bias:While 1.3000-16 supports we still see room for gains to 1.3081 and probably 1.3124-31
Daily Bullish:The move back above 1.2969generated a move all the way back to the 1.3035-43 area and this morning to 1.3054. Indeed, while the 1.3000-16 area supports there is still room for additional gains. We still need to be cautious around the 1.3070-81 area but once this breaks we feel the likely stalling point will be in the 1.3024-31 area which we see as capping. Next resistance is at 1.3174.MT Bullish:The correction from 1.2865 has been developing for a while now but we do feel an end is in sight with the 1.3081-1.3131 area still the likely stalling point. Only above sees 1.3195 and possibly 1.3296 again.(February 12th)Daily Bearish:Gains have brought the bullish structure back into play as expected. We do feel that an eventual test of 1.3124-31 is likely and before that only a break of 1.3000 would lead to a deeper pullback towards 1.2970-80 at least and possibly back to the 1.2940 corrective low that could cause a correction. Next support is not until 1.2912 and more likely we would see a quick test of the 1.2865-76 lows. MT Bearish:We still wait for 1.3081-1.3120 but an earlier drop below 1.2912-40 suggests an earlier decline that should drop below 1.2865 for 1.2761-89 at least. Break of this area takes us to 1.2596. (February 13th)
ELLIOTT WAVE COMMENTS
13th February
The move to 1.2940 was a 61.8% retracement of what we feel is Wave –a- and thus we feel this will support for development of Wave –c- higher. We continue to note the 50% retracement at 1.3081 and also the 138.2% extension in Wave –c- at 1.3121.
Only below 1.2912-40 would suggest the correction is complete and thus Wave [c] will be under development.
14th February
It looks more likely now that we shall see Wave –c- completed on the topside with a wave equality target at 1.2092 and a 138.2% projection (and 61.8% pullback) at 1.3124-31 which we feel will cap.
Ian Copsey
See Also
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