An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 1.0226
[B]Resistance:[/B]1.02501.02751.03001.0325[B]Support:[/B]1.01981.01691.01501.0124
[B]Bias:[/B]Mixed – waiting for breaks with a slight bullish preference while 1.0208 supports
[B]Daily Bullish:[/B]The upside proved the stronger but the rally stalled perfectly in the 1.0316-32 area. The correction from there has really moved to the limit of acceptance within a continuing bullish structure. Thus while the 1.0198-08 support holds the upside can resume. We shall need a break back above 1.0250 and 1.0275 to bring more confidence for a further rally back tot eh 1.0325 high and probably further to 1.0370-76 at least. Take care here as this may hold. A Minimum target would appear to be at 1.0441-61.[B]MT Bullish:[/B]Strength has been seen to the 1.0316-32 area. While 1.0198-08 supports the targets implied are at 1.0441-61, 1.0490 and stronger at 1.0548. A break back above 1.0275 and 1.0325 would confirm. ([B]2nd April[/B])[B]Daily Bearish:[/B]Yesterday saw strength to the 1.0316-26 resistance but then a sharp pullback to 1.0208. This is the limit of tolerance within a bullish pattern. Thus if we see break of 1.0198 the emphasis would turn lower again for deeper losses. This should initially move to the 1.0124-50 area which could cause a pullback. Breach extends to 1.0092 and possibly 1.0052.[B]MT Bearish:[/B]Price has seen a recovery but fallen a few points short of the 1.0306 high. Any break below 1.0200 would cause losses back to 1.0130-50 and probably further to 0.9946 and 0.9873. ([B]1st April[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]2nd April[/B]
We are faced with the two alternatives – in which a bullish pattern would label yesterday’s high as Wave –a- of Wave –v-. A 50% pullback rests at 1.0208 which has been tested. Allow for a small wave equality target at 1.0198.
Thus while 1.0198-08 supports there is still room for gains in Wave –v- to the minimum 61.8% projection at 1.0461, 66.7% at 1.0490 and a 76.4% projection at 1.0548.
Any loss of 1.0198 implies a peak has been seen and thus revisit the Wave –iv- low at 1.0092 and probably lower.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Insightful analysis to guide you through the trading day[/ul]