An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 0.9220
[B]Resistance:[/B]0.92360.92730.92960.9319[B]Support:[/B]0.92050.91800.91600.9146
[B]Bias:[/B]We need the 0.9236-73 area to cap to generate additional losses else see a rally to 0.9359-66
[B]Daily Bullish:[/B]Following the first decline to the 0.9146 support we have seen a recovery back to the 0.9236 corrective high. Ideally I’d like this to hold but we should allow for a small blip that should still remain below the 0.9271-73 long term target. This represents the break area and only if this gives way will we see additional gains that should move through to 0.9290-0.9319 at least. Break of this are would extend further to 0.9359-66.[B]MT Bullish:[/B]It certainly looks as if price is planning a direct rally to the 0.9240-73 monthly target. There doesn’t seem too much room on the downside for a correction. Only above 0.9280 extends to 0.9366-0.9437. ([B]29th October[/B])[B]Daily Bearish:[/B]The first key support at 0.9149 held (with 3 points slippage) and has caused a reversal higher. I’d preferably like the 0.9236 corrective high to hold but we cannot rule out a move closer back to the 0.9271 high. However, while this broad area caps the risk is still for additional losses. A break of 0.9205 will assist and below 0.9146-60 would confirm additional losses to 0.9113 at least – and I suspect even through here for 0.9059-85. [B]MT Bearish:[/B]The peak at 0.9271 may well have been [I]the[/I] peak but without other confirmations it may be prudent to have this confirmed. Back below 0.9077 will assist – probably to 0.8935-55 but this should hold. ([B]30th October[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]30th October[/B]
Have we seen the peak at the 0.9271 target? Maybe but it is too early to confirm. If we have then the first target will be the prior Wave b at 0.8935-55 which should allow a correction before lower again. Back above 0.9273 would extend to the 161.8% projection in Wave © at 0.9437.
[B]31st October[/B]
The base at 0.9146 was a 3-wave move lower and maybe either a correction or possibly a Wave i of a larger decline. A Wave ii could pullback quite deep so we can’t rule out a return to the 0.9271 high. To confirm a larger reversal we need a break below yesterday’s 0.9146 low.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Comprehensive analysis to guide you through the trading day[/ul]