An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 2.0762
[B]Resistance:[/B]2.07802.08172.0522.0900[B]Support:[/B]2.07302.07002.06712.0642
[B]Bias:[/B]Mixed – watching for breaks
[B]Daily Bullish:[/B]Gains have developed as expected above the 2.0634-51 area which are now testing the 2.0766-78 resistance advised. We have to take care here as this is the minimum target. If we are to see price move nay higher we need breach of 2.0780 and if seen the risk is then higher to the 2.0842-52 area – but that should cap. Next resistance is then found at 2.0917 & 2.0948 and stronger around 2.1000-10. [B]MT Bullish:[/B]Gains persist and we need watch key areas. The first is around 2.1174-00 where a daily channel high rests. The next is at 2.1292 and a massive one at 2.1528. We need to take care as this goes up… ([B]9th November[/B])[B]Daily Bearish:[/B]With the 2.0523 low holding intact we have to be aware of several possibilities. Right now we are testing the 2.0766-78 resistance and this needs to hold to see a move back lower. Any extension to the 2.0842-52 area should provide a better selling opportunity. Supports to watch out for are around 2.0730-40 below which the downside becomes a bit softer and below that at 2.0700-10 and then the 2.0671 corrective low. This is the more difficult side to judge but max downside should be 2.0580-90. [B]MT Bearish:[/B]Was the bounce from the 2.1160 channel high enough to reverse price lower? Maybe, but we shall need to see loss of 2.0431 which would then cause a move to 2.0274 before recovering. ([B]13th November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]13th November[/B]
I suspect we have seen a low but just to be certain we should watch the possible alternative Wave –iv- which met a 58.6% retracement at this morning’s 2.0523 low.
[B]14th November[/B]
We have seen a bounce from the 58.6% retracement in a possible Wave –iv- at 2.0523 and this has risen to the 2.0766-80 pivot resistance. I also see a minor 76.4% projection around 2.0842-52 which matches with a 50% retracement of the decline and is just below the Wave b in the decline at 2.0865. Thus I suspect this will cap and cause a pullback at the very least.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Detailed analysis at your fingertips through the trading day[/ul]