An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 0.9038
[B]Resistance:[/B]0.90780.91000.91250.9154[B]Support:[/B]0.90250.89960.89690.8939
[B]Bias:[/B]0.9100 is the barrier to the upside – below 0.8996 would causes losses back to 0.8939-49
[B]Daily Bullish:[/B]Break was seen to the 0.9060-76 resistance area from where a pullback has been seen. The pullback hasn’t been that strong but I do find it difficult to retain a direct bullish stance above 0.9100 – but this does still highlight risk to 0.9100. The 0.8996-0.9010 area must hold for this with an earlier break above 0.9058-67 triggering follow-through to 0.9100. However, there is strong risk of a pullback then. Thus only extend on a break above 0.9100 which would extend the upside to 0.0.9189-0.9210. [B]MT Bullish:[/B]MT is bullish but only back above yesterday’s high will threaten a move to 0.9154 and an eventual target around 0.9250. However, I’d prefer if this takes a little longer… ([B]9th October[/B])[B]Daily Bearish:[/B]Breach of the 0.8970-84 area on Friday allowed a move down to the first support at 0.8949 only. It is possible price will attempt this area again. A move below 0.9025-30 would appear to imply additional losses through 0.8996-0.9010 and possibly 0.8969. Care here as this could force a correction (or possibly reversal.) Below 0.8969 would imply losses back to 0.8939-49. Next support is not found until 0.8885-0.8912. [B]MT Bearish:[/B]The larger downside correction did not develop as expected. Only below 0.8794 would suggest this is now possible. ([B]9th October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]12th October[/B]
The upside still looks intact as if we are going to see eventual resolution in Wave (v). It is just possible that we are seeing a small expanded flat and thus we need allow for 0.8794-05 again in a Wave –b-. However, this would still keep the 66.7% projection in Wave (v) at 0.9241 and maximum the daily Wave equality target at 0.9273.
[B]15th October[/B]
The upside target remain although there is still short term risk of a small expanded flat which could retest the 0.8939-49 area (max 0.8885-0.8910) before the eventual break towards target.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Unique and insightful analysis[/ul]