An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.9621
[B]Resistance:[/B]1.96401.96721.96941.9739[B]Support:[/B]1.95901.95481.95161.9492
[B]Bias:[/B]We have either seen, or are close to, a major high and thus the larger risk remains lower
[B]Daily Bullish:[/B]No high seen on Tuesday with gains managing to climb to 1.9663 – just below the 1.9672 major resistance. There is a minor bearish divergence but no real confirmation of reversal lower. There is support at 1.9590-95 and 1.9548 and while these hold there is still chance of seeing a little more on the upside. Back above 1.9640 would then see 1.9672 – max 1.9694. Look for a stronger bearish divergence. Next resistance is at 1.9739. [B]MT Bullish:[/B]While the correction didn’t quite meet the 1.9672 target I suspect it is over. Thus still, if we are to see any stronger rally, we need a break above 1.9672-00 to see 1.9739 and 1.9785-00. ([B]13th February[/B])[B]Daily Bearish:[/B]We got pretty close to the 1.9672 target resistance and the downside does seem imminent. There is support at 1.9590-95 and if this breaks then a move below the 1.9548 corrective lower would appear to confirm the minor bearish divergence. Next support is at 1.9516 while below there does seem to suggest a move all the way back tot eh 1.9386-00 lows and possibly the 1.9335 low. [B]MT Bearish:[/B]With the deeper pullback to just under 1.9672 there does seem risk of resumption of the downtrend. Below 1.9386 will cause losses through 1.9335 and then much lower towards an eventual 1.85-1.87 target. ([B]13th February[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]12th February[/B]
The earlier break above 1.9509 suggests we have seen Wave (a) of Wave (v) and thus we should see a recovery to the 41.4%-50% retracement at 1.9622-72.
[B]14th February[/B]
I was just a touch too early in calling the top but it must now be very close – or we saw it yesterday. The 50% retracement in Wave (b) at 1.9672 is the key.
As things stand a 161.8% projection in Wave © would derive a target of 1.8739 which is where the 66.7% projection in Wave (v) lies…
[B]Ian Copsey[/B]
[B]See Also[/B]
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