[B]An excerpt from FX-Strategy’s Pro Commentary[/B]
[B]Price:[/B] 0.8407
[B]Resistance:[/B]0.84160.84500.84750.8510[B]Support:[/B]0.83700.83540.83310.8319
[B]Bias:[/B]While 0.8412-16 caps there is still room for losses below 0.8354 and to 0.8319-31
[B]Daily Bullish:[/B]Losses developed quite nicely reaching the lower target at 0.8355. The pullback is reaching critical resistance at 0.8412-16 and I feel this will cap for a last move back to 0.8319-31 which should support for a renewed attack higher. Only an earlier break above 0.8416-20 would trigger immediate gains back to the 0.8475 high at least and possibly to the 0.8510 high. [B]MT Bullish:[/B]It looks as if we should see a move back to 0.8320-30 but from there the move up to 0.8594 remains intact. Only a direct break back above yesterday’s 0.8510 high reverts to a direct rally. ([B]June 27th[/B])[B]Daily Bearish:[/B]Quite nicely the decline reached the 0.8355 target and I still see the current rally as a fairly deep correction and while the 0.8412-16 area caps the downside still remains the way to go. A move back below 0.8370-80 would allow a test of the 0.8354 and while this could cause a small correction the ultimate target is in the 0.8319-31 area which I expect to hold for a larger reversal higher. Next support is then found at 0.8282-88.[B]MT Bearish:[/B]The peak at 0.8510 is turning the probability of a retest of the 0.8320-30 support. However, this should be as far as we see. Thus only below 0.8310 signals losses down to 0.8244-78 at least. ([B]June 27th[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]27th June[/B]
The peak at 0.8510 represents a 23.6% expansion in Wave [b]. Also note the 38.2% expansion at 0.8530. Overall I feel the first Wave i has been seen to 0.8423 and while Wave ii remains below the 66.7% retracement at 0.8481 we should see Wave iii develop towards the 0.8355-77 area. Overall this pattern suggests a move back to retest the 0.8331 Wave efa low and possibly a little further with a 50% retracement in Wave [b] at 0.8319.
[B]28th June[/B]
The Wave iii reached the 176.4% projection at 0.8354 and we are seeing what I believe to be a 58.6% correction in Wave iv to the 0.8412-16 area. While this caps a 61.8% projection in Wave v lies at 0.8316 while we should remember the 50% retracement in Wave [b] at 0.8319.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]