An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 113.18
[B]Resistance:[/B]113.35113.57113.80114.22[B]Support:[/B]113.04112.85112.67112.49
[B]Bias:[/B]While 113.05 holds there is risk to 114.22-27 else expect a drop to 112.49
[B]Daily Bullish:[/B]Support at 112.30 held well and has seen gains extend into the 113.50-74 area. With a bearish divergence having developed we have to be a little cautious. If I have any preference then it is for 113.04 to support for a move higher into the 113.50-74 area and now I suspect a little higher to 114.22-27 but here I’d expect a correction lower. Next resistance is at 114.45 and then not until 115.08. [B]MT Bullish:[/B]The break above 112.13 came as a surprise but only through the 112.77 resistance would mean direct gains, initially to 113.32. Above there would extend further to 115.40 eventually. ([B]13th December[/B])[B]Daily Bearish:[/B]Good progress higher and while I do prefer a bullish stance there is a tight stop here at 113.04. If this breaks then the risk is for a slightly deeper correction that should quickly move down to the 112.49 area but I’d expect this to hold for additional gains. Thus only below 112.27-40 would trigger stronger losses back to 111.40-65 and probably lower. [B]MT Bearish:[/B]I think we should watch for the moment until a stronger bearish signal develops. Below 112.40 would assist and then suggest a deeper correction at least back to 110.46-80. ([B]17th December[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]14th December[/B]
We are approaching the possible expanded flat target at 112.77. If this holds then a move back to the 110.30-46 area is the most we should expect.
However, given the quite positive momentum any break above 112.77-81 would appear to imply extension to a wave equality target in Wave © at 115.40.
[B]17th December[/B]
It certainly looks as if the 110.46 low was Wave (b) to provide a wave equality target at 115.40. However, as an alternative watch the possibility of a move higher in Wave c of Wave iii where Wave iii has a 138.2% projection at 115.08.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Unique analysis to guide you through the trading day[/ul]