An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.0982
[B]Resistance:[/B]1.10051.10371.10701.1097[B]Support:[/B]1.09541.09211.08991.0883
[B]Bias:[/B]Mixed – waiting for breaks
[B]Daily Bullish:[/B]The upside stalled just below the low end of the 1.1087-1.1111 resistance from where we have seen a correction lower. While a bullish stance is valid I see what should be good support between 1.0927-54. While this holds a break back above the 1.0995-05 pivot area would suggest the upside could once again take preference and allow a retest at yesterday’s 1.1070 high but then we should also watch 1.1097. Only above this higher resistance would accelerate gains towards 1.1150-75 and later to 1.1241-61. [B]MT Bullish:[/B]Losses continue and we should now wait for confirmation of reversal. Watch support at 1.0843-57 which is the closest level that could produce a base. Below there sees 1.0560. ([B]23rd November[/B])[B]Daily Bearish:[/B]Losses were seen from 1.1070 but have stalled at the 50% retracement at 1.0954. There is also support around the 61.8% retracement and prior Wave b at 1.0921-27. Thus for the downside to be seen we shall need the 1.0995-05 pivot resistance to cap and for a move back below 1.0921 to retest the 1.0883 low and then down to 1.0751-74 at least. Next support is at 1.0733.[B]MT Bearish:[/B]Loss of 1.0930 now targets 1.0843. Watch this. Any breach will open up the downside for continued strong losses to 1.0560. ([B]23rd November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]23rd November[/B]
Losses have obviously been very strong with the 76.4% projection in Wave v lying at 1.0843. Clearly this needs to hold to suggest a base. However, momentum does look strongly lower and any breach will open up an alternative daily Wave (iii) that has a 138.2% projection at 1.0560.
[B]26th November[/B]
The 1.0883 low was a 66.7% projection in Wave v and also matches long term Fibonacci relationships. I therefore feel there is strong risk of this having been the low I was looking for. The natural initial retracement is to the Wave b of Wave v which is at 1.1241-61 from where we should see a correction lower.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique analysis to guide you through the trading day[/ul]