An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.0009
[B]Resistance:[/B]1.00301.00661.00941.0136[B]Support:[/B]1.00000.99750.99330.9888
[B]Bias:[/B]Care advised now – but the downside is looking vulnerable
[B]Daily Bullish:[/B]The break below 1.0030 took price down to 0.9975 and does seem to open up the downside. Thus, if there is any chance of a second move higher then we need to 0.9975-00 area to remain intact and then see a move back above the 1.0030 pivot area but even then the 1.0066 resistance also needs to be taken out. Only if seen would this cause additional gains back above 1.0094 and onto the 1.0136 resistance at least. Next resistance is then found at 1.0198-02. [B]MT Bullish:[/B]I have a feeling this correction is coming to an end. Only above 1.0156-84 would imply a deeper move to 1.0262. ([B]27th September[/B])[B]Daily Bearish:[/B]Price broke below a small support line and while the overall correction was shallow the risk is that we shall see additional losses. This will need yesterday’s low at 0.9975 to be broken and if seen would trigger follow-through below the 0.9916-33 area and onto the next major support at 0.9888-94. Take care as this could hold. Next support is at 0.9830-41. [B]MT Bearish:[/B]The longer term pressure is still lower and there is risk of a pullback to above 1.02. Back below 0.9933 would see extension to the 0.9888-94 area with 0.9841 below. ([B]26th September[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]28th September[/B]
[B]
[/B]
Although the peak at 1.0094 implies a very shallow Wave –iv- it seems quite possible that this proved the peak. If so we need to watch targets at an alternative Wave –iii- extension at 0.9888-94 being a 223.6% projection. There is also a daily 66.7% Wave (v) projection at 0.9831-40 and a 76.4% at 0.9691.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique, comprehensive and insightful analysis[/ul]