An excerpt fromFX-Strategy’s Pro Commentary
[B]Price:[/B] 0.9186
[B]Resistance:[/B]0.92070.92360.92650.9296[B]Support:[/B]0.91650.91320.90990.9050
[B]Bias:[/B]We should now see a retest of the 0.9236 area, a pullback and then gains to 0.9296-0.9321
[B]Daily Bullish:[/B]Losses developed and bounced nicely from the 0.9099-0.9119 area that have made their way back to 0.9198. While 0.9165-70 (max 0.9159) supports we should see a further move higher to the area of the 0.9236 high. From here we should expect a pullback. However, while the same support area holds the risk is still higher back above 0.9236 and toward s0.9265 minimum and I now suspect the 0.9295-0.9321 area which should cap. However, this should take more than today to complete. [B]MT Bullish:[/B]We have seen the minimum target at 0.9235 met but I suspect we should see further with the 0.9321 area now implied. I still see this as a correction – only above 0.9399 is bullish. ([B]21st February[/B])[B]Daily Bearish:[/B]With the strong bounce from the 0.9099-0.9119 support area the downside seems low risk. However, the rally is not expected to be direct and I look for a test of the 0.9235 area once again and this should provide a pullback to the 0.9160-75 area again. Only breach of the 0.9160 level would imply an earlier sideways consolidation and a move back to 0.9132 but this should hold else look for a stronger test of 0.9099. Breach would be bearish. [B]MT Bearish:[/B]I still see longer term cycle as lower so I still think this is corrective. However, we could see 0.9254-65 and probably 0.9321 in this move. Thus only back below 0.9099 suggests earlier losses. ([B]21st February[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]20th February[/B]
The 0.9235 level was a 61.8% projection of the move to 0.9099 from the 0.8872 corrective low. However, no bearish divergences seen and thus I still expect a 50%-58.6% pullback to 0.9099-19 to cause further gains to the 161.8% projection in Wave –c- at 0.9265.
[B]21st February[/B]
The 50%-58.6% support at 0.9099-0.9119 has held and this should prompt a final ABC pattern higher. The first should reach the 0.9236 area again and force Wave b to develop. The final move should reach the 0.9265 area at least but the 176.4% projection in Wave –c- is at 0.9296 which we cannot rule out 0.9321 also. This should be a major peak.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Exceptional analysis to guide you through the trading day[/ul]