An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 111.53
[B]Resistance:[/B]111.91112.22112.43112.87[B]Support:[/B]111.09110.75110.56110.11
[B]Bias:[/B]As we approach key resistances at 111.94-112.48 we should be aware of the risk of losses again
[B]Daily Bullish[/B]Gains have developed well and have fallen just short of the 111.94 resistance. Further resistance is found at 112.22-48. We have also broken below an FXS-RSI support line. Thus any gains should be short lived and thus be careful with long positions. Only a break above 112.50 would suggest that the 109.11 low completed the entire downward move. If so, then next resistance is around 113.27-36 which should provide a pullback. Above there sees 114.00. [B]MT Bullish:[/B]Losses look as if they should be restricted to 108.30-33 and from there look for additional gains. Back above 112.50 will help with the next resistance at 113.27-36 and eventually back to 115.91. ([B]15th November[/B])[B]Daily Bearish:[/B]With the break of an FXS-RSI support line, a bearish divergence and the proximity of the 111.94 target (max 112.43) we must be aware of the immediate risk of reversal lower. However, given that we still haven’t quite met targets I’d prefer to wait for a break of 110.56-64. If seen then look for a decline down towards the 109.11 low before a small pullback. Overall this should mean an eventual move to the 108.30-33 target. [B]MT Bearish:[/B]It seems the cycles were misjudged but from where we are now I can’t get much more bearish with the 108.96 corrective low almost attained and a major support at 108.30-33. ([B]13th November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]15th November[/B]
We are close to a decisive move. I still favor the correction edging higher in Wave iv to the 50% retracement at 111.94 and 58.6% at 112.43. From there look for Wave v to develop to 108.33.
A 76.4% projection in Wave (v) lower lies at 108.33 and a 161.8% projection in Wave © is at 108.30 so this appears to be the favored target.
Thus only a break above 112.50 will mean that the 109.11 low provided the low in this decline and we should then see a rally to the intermediate Wave (b) at 115.91.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique and powerful analysis[/ul]