An excerpt from FX-Strategy’s Pro Commentary
[B]Bias:[/B]Mixed – waiting for breaks
[B]Daily Bullish:[/B]Strength was seen to the 1.0802-21 resistance but has seen a break higher this morning. So far it has reached the 1.0848 resistance but I suspect this break through should imply a test of the 1.0888 level at least while there is also an indication that we could see this move as high as 1.0933-59. While the rally can continue the 1.0790-00 area should support. [B]MT Bullish:[/B]Price didn’t really see much of a correction at 1.0802-21 and this means we should see progress to 1.0933-59 at least. Only above here would suggest further strength to the 1.1043 and possibly 1.1096 areas. ([B]16th August[/B])[B]Daily Bearish:[/B]With the break above 1.0821 we should be cautious of the downside and only a break below 1.0790-00 would begin to calm down the rally. If loss is seen of this area then we should see progress to the 1.07770 pivot support and potentially to the 1.0726 corrective low. [B]MT Bearish:[/B]The upside means we can raise our reversal point to the 1.0660-92 area. Only back below here means there is something wrong with the upside. ([B]15th August[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
Break of the 176.4% projection in Wave –iii- lies at 1.0802 and the wave equality target in Wave © at 1.0821 means we should see further gains.
The next projection is the 138.2% projection in Wave © at 1.0959 which is also implied by a small projection from an internal count. Thus watch this area.
Only above would maintain the upward momentum for the 161.8% projection in Wave © at 1.1043 or possibly the 176.4% projection at 1.1096 which is also where the Daily Wave-iv- retracement of 50% lies.
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