Pro Commentary Lite ... 22nd June 2007 ... EURUSD

[B]An excerpt from FX-Strategy’s Pro Commentary[/B]

[B]Price:[/B] 1.3383
[B]Resistance:[/B]1.34101.34361.34751.3504[B]Support:[/B]1.33701.33491.33281.3303

[B]Bias:[/B]While 1.3405-15 (max 1.3436) caps I still feel losses to 1.3328-49 are likely (max 1.3303)
[B]Daily Bullish:[/B]Losses stalled at 1.3370 and price has done the bare minimum to complete a correction. However, momentum still doesn’t look that positive and we should be cautious about any bullish stance. Wait for breaks. First resistance is at 1.3405-15 and above here would attack the 1.3436 high and then possibly the 1.3472-79 area which also provides resistance. Much above there on decent momentum could take us to the 1.3545-53 area again but should cap. [B]MT Bullish:[/B]The gains seen so far, while not technically having confirmed a reversal higher, do point that way with the first major peak expected at the 1.3553 corrective high. After a correction look then for 1.3681 and higher. ([B]June 19th[/B])[B]Daily Bearish:[/B]Well, we did see losses but these were minimal – although sufficient to complete a corrective pattern. However, with momentum weak I have a greater feeling that we’ll see additional losses. For this the 1.3405-15 area should ideally hold – at the very most 1.3436. A direct break below 1.3371 would extend the downside and we should then watch supports at 1.3349, 1.3328 while a very deep pullback would see support at 1.3303. [B]MT Bearish:[/B]We may have seen a low. Only a break now below 1.3203 would highlight risk of losses to 1.3116-37 en route 1.2865. ([B]June 15th[/B])

[B]ELLIOTT WAVE COMMENTS[/B]

[B]21st June[/B]

Now we have seen a double peak at 1.3436 and this could mean a flat correction which implies support at 1.2376-83 in a shallow Wave –b- and then a Wave –c- that moves to the 1.3553 Wave –b- high at least.

Any dip below 1.3370 could see a 61.8%-76.4% retracement between 1.3303-28 in Wave –b- before higher again.

[B]22nd June[/B]

The dip to 1.3371 may have completed a flat correction though I doubt and feel the 1.3405 high may well have been a Wave x and we should see a further ABC pattern lower. A 50% pullback in Wave –b- is at 1.3349, 61.8% at 1.3328 and 76.4% at 1.3303 before Wave –c- moves to 1.3553.
[B]Ian Copsey[/B]
[B]See Also[/B]

[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]