An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 2.0108
[B]Resistance:[/B]2.01592.01822.02202.0275[B]Support:[/B]2.00892.00391.99941.9960
[B]Bias:[/B]The last support is at 2.0089 and if this breaks then we should see further losses
[B]Daily Bullish:[/B]The Pound failed to move above the 2.0390-2.0404 resistance and we appear to be close to suggesting a peak having already been seen. Thus only while 2.0089 supports does there appear to be room for additional gains back above 2.0159-82 and back to the 2.0220 pivot area. Take care as this could cause a pullback. Breach would imply gains back to 2.0275-85 and above there could well see a return to the 2.0390-97 highs. Final resistance is at 2.0458-63.[B]MT Bullish:[/B]The eventual target remains at 2.0458-63 minimum and 2.0552-65 maximum. Directly above 2.0310 triggers the move. Until then the 1.9968-94 area needs to support. ([B]13th March[/B])[B]Daily Bearish:[/B]The peak at 2.0397 and the deep pullback almost suggests we have seen a peak. There is just one support left that needs to give way – this being at 2.0089 – and if this gives way then look for stronger losses to 2.0039 which should provide a minor pullback before losses to 1.9960-94. Take care as this does have the potential to cause a pullback. Next supports are at 1.9900 and 1.9879. [B]MT Bearish:[/B]With the move above 2.0310 it suggests we can raise the short term reversal to the 2.0145 which would allow losses through to 2.0087 and possibly 2.0045 where we need review. ([B]14th March[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]14th March[/B]
Gains keep coming with the rally from the 1.9994 Wave –iv- low rather difficult to interpret. There is no bearish divergence even in the 4-hour chart and thus even if we see losses these should still be a correction. If 2.0390 was Wave a of Wave –v- then a 50%-61.8% retracement in Wave b is at 2.0183 and 2.0145. Thus while this holds a reversal higher should see Wave c take us higher to the 61.8% retracement of the decline from 2.1160-1.9935 at 2.0463 which is where a 176.4% projection in Wave © rests.
Only above extends to the 61.8%-66.7% projection in Wave –v- at 2.0524 and 2.0552-65 which is a 66.7% retracement of the larger decline.
[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]