An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.1090
[B]Resistance:[/B]1.11351.11551.11901.1225[B]Support:[/B]1.10771.10551.10201.0998
[B]Bias:[/B]While 1.1120-35 caps I feel the downside should now resume for 1.0944 and below
[B]Daily Bullish:[/B]Price recycled higher and while the 1.1090 peak was broken we have not yet seen breach of the key 1.1135 resistance. Indeed, before I turn to bullish I need this to break. If seen look for an immediate move to the 1.1190-1.1225 resistance area which should cause a pullback. Only breach extends further to 1.1298-04 and possibly 1.1357.[B]MT Bullish:[/B]The upside is not looking positive at all. Only a break back above 1.1038 would imply recovery to 1.1100-42. Break will be needed there to extend the gains. ([B]16th January[/B])[B]Daily Bearish:[/B]The 1.1135 resistance remains intact and while it does so – which I think will be the case – I still see there being a risk for one last move lower. To confirm reversal lower we require a break back below 1.1055-77 and once seen expect the downside to become a little easier. There does seem to be risk of support at 1.0998 causing a pullback so be careful there. Below keeps the downside on track for 1.0944 and probably the 1.0883 area en route the 1.0806-36 area again. [B]MT Bearish:[/B]Losses are developing and momentum still looks weak as we retest the 1.0883 low. Watch for the next supports at 1.0806-36 and 1.0749. Below extends more aggressively to 1.0614 at least. ([B]15th January[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]18th January[/B]
Wave –iv- appears to have been seen at 1.1086. I see an internal 161.8% target in Wave c from 1.1086 at 1.0810 and a weekly target at 1.0806. Take care there. Below raise the minimum 61.8% Wave –v- target at 1.0618.
[B]22nd January[/B]
While the 50% retracement at 1.1090 was broken, given the shallow Wave –ii- I would not be surprised in this case for the 58.6% retracement to be seen at 1.1135. While that holds we can begin to look for a 3-wave decline back to 1.0836 and to 1.0806 at least. However, by the time we get there we need to be aware of the risk of a larger reversal higher. There is also support at 1.0748.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]