An excerpt from FX-Strategy’s Pro Commentary
[B] Price:[/B] 1.9940
[B]Resistance:[/B]1.99661.99952.00282.0048[B]Support:[/B]1.99201.99001.98801.9856
[B]Bias:[/B]Have to take a little care but I still prefer a bearish stance
[B]Daily Bullish:[/B]Weakness seen in line with the preference which reached 1.9880 but then stalled. Since then the wave structure is a little less clear. However, I remain cautiously bearish and therefore the upside does seem limited to 1.9978-95. Only a break above this area would keep the pressure higher for 2.0028-48. Watch the high level. Only breach maintains the upside towards 2.0088 and 2.0118-30.[B]MT Bullish:[/B]The 2.0272 high has remained intact and losses stalled just above the 1.9941 area. I remain bearish and thus only back above 2.0240-72 would suggest we’ll see a recycling of corrective strength to 2.0397. ([B]27th March[/B])[B]Daily Bearish:[/B]Losses were seen as expected but these stalled at 1.9880 which I find tough to fit into any structure. If there is to be further slippage we should ideally see the 1.9978-95 resistance must cap. A move below 1.9920 would assist which should extend losses to 1.9880 and probably the 1.9816-56 area which may well hold on the day. Further support is back around the 1.9733-56 area. [B]MT Bearish:[/B]Losses stalled at 1.9733 but I feel that we have probably seen a peak. While there is risk of a longer sideways correction overall I’ll be looking for the 1.9733 low to break for 1.9335-61 again over time. ([B]27th March[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]28th March[/B]
The 2.0191 high was a little more than expected but the sharp reversal I feel is more reflective of additional losses that should eventually make their way back to the 1.9733 low in Wave (a) of Wave (iii).
[B]31st March[/B]
Losses were encouraging but slightly away from expectations. For the downside to regain hold we’ll need a move below Friday’s 1.9880 low that should maintain momentum for the 138.2% - 161.8% projection at 1.9856 & 1.9816. Eventually I’d expect a retest of the 1.9733 low in Wave (a) of Wave (iii).
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Comprehensive and guiding analysis[/ul]