An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 0.8759
[B]Resistance:[/B]0.87720.87920.88190.8848[B]Support:[/B]0.87310.87120.86900.8650
[B]Bias:[/B]While the 0.8731 area supports we should see further upside pressure to 0.8792 and probably higher
[B]Daily Bullish:[/B]Yesterday’s pullback was shallow and I suspect we are close to the point of resuming the move higher. We will need the 0.8731-37 area to remain supportive and then see a move above .8772 to confirm gains to 0.8792 – take care this could cause a brief reaction. However, I suspect that we should see a swift move towards 0.8848 and probably 0.8861-75 where we need to be more cautious. Only cleanly above here would target the 0.8895 and probably 0.8937-52 area but this should require more time. [B]MT Bullish:[/B]The uptrend has resumed and this should see a minimum test of 0.8792 with a more aggressive target at 0.8861-69. Overall I suspect this rally has potential for 0.8937-62. ([B]27th September[/B])[B]Daily Bearish:[/B]Yesterday’s correction didn’t even make it to the 0.8702 pivot area and with momentum still pushing higher there isn’t really any sign of an imminent pullback. There is support around 0.8731 and only below here would begin to raise the chance of a deeper pullback. If seen then look for a move down through to 0.8690-00. Care as this could cause a reversal higher. Below extends further to 0.8650-60. [B]MT Bearish:[/B]The upside has resumed and it is difficult to see much on the downside here. We require a breach of 0.8610 to generate any short term pullback. ([B]26th September[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]26th September[/B]
Direct gains have resumed. A 138.2% projection in Wave (iii) rests at 0.8962.
Within Wave © of Wave (iii) we have a 223.6% projection in minor Wave iii at 0.8792 and a 261.8% projection at 0.8861-69.
Thus I shall be watching these two resistance areas for a larger pullback in Wave iv ahead of a move to the 0.8962 Wave (iii) target.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Great analysis to guide you through the trading day[/ul]