An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 0.9145
[B]Resistance:[/B]0.91770.91950.92170.9247[B]Support:[/B]0.91200.91000.90880.9046
[B]Bias:[/B]We should see a pullback to 0.9177 and possibly 0.9195 before lower again
[B]Daily Bullish:[/B]The 0.9180 resistance held perfectly for losses into the 0.9100-20 support zone. This should now provide a correction higher which should move towards the 0.9177 resistance. I favor this holding but do observe the 0.9195 resistance also. Only above this higher level will cause a stronger move higher that would then reach the 0.9242-52 highs once again. This area should hold on first attempt. Next resistance is then found at 0.9287.[B]MT Bullish:[/B]Downward progress seen and only back above 0.9200 would begin to provide a more bullish structure for a return to the 0.9242-52 highs with follow-through suggesting a move to 0.9315-33. ([B]1st April[/B])[B]Daily Bearish:[/B]With the 0.9100-20 target achieved yesterday we are seeing a correction. This should stall at 0.9177 (max 0.9195) and while this area caps we should see a return to the 0.9100 level again. It may provide a small reaction but the overall move should keep the bearish momentum providing losses to 0.9046 and probably the 0.8970 area again en route the 0.8952 low. [B]MT Bearish:[/B]The downside is making steady progress and while the 0.9195-0.9217 area caps the next move should be back towards the 0.8952 low and beyond there to 0.8872. ([B]1st April[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]31st March[/B]
Losses have been seen and I remain bearish for Wave (a) of Wave (iii). However the short term structure looks that although the 0.9100-20 area will support in Wave I of Wave (a) and thus we should expect Wave ii to develop before stronger losses are seen to retest the old Wave (i) low.
[B]1st April[/B]
The 0.9102 low appears to be Wave i of Wave (a) and thus we should see a 50%-76.4% retracement back to 0.9177-0.9217 before seeing Wave iii decline to around 0.8970-00 ahead of the 0.8952 low.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique, comprehensive and insightful analysis[/ul]