An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 102.44
[B]Resistance:[/B]102.54102.93103.18103.57[B]Support:[/B]102.06101.70101.29100.87
[B]Bias:[/B]While 101.70-102.06 supports look for a test of 102.93 followed by a correction and then higher
[B]Daily Bullish:[/B]Losses seen as expected which stalled just 7 points above the favored 101.22 target. From there we have seen a solid recovery this morning and this should remain above 102.06 (max 101.70) to reach the area around the 102.93 high. This could well cause a pullback. However, the eventual move should then reach 103.57-86.[B]MT Bullish:[/B]Price easily took out the 101.23 resistance to reach 102.15 and while 100.27-48 supports there still appears to be room for gains to 102.90 minimum and possibly as high as 103.57-67. Next resistance is 104.90. ([B]2nd April[/B])[B]Daily Bearish:[/B]We have probably seen the extent of the expected losses at 101.29. Only if we see a move below 101.70-102.06 would I feel that we should see a further attempt lower back to 101.29 and probably the 100.87 level which should hold while a final move higher can be seen. Thus breach of 100.80 would be more bearish for 100.10-20.[B]MT Bearish:[/B]Having seen a break above 101.23 we will need to see 100.25 broken to reinstate the downside for 99.58 initially – probably further. Watch resistance at 102.90 and 103.60 for potential topping patterns. ([B]2nd April[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]4th April[/B]
The 223.6% projection in Wave iii was met and should now see a 41.4%-50% retracement to 101.22-101.871 – probably the higher – in Wave iv before higher again in Wave v.
[B]7th April[/B]
It looks as if the 101.29 low was Wave iv and thus we can begin to look for gains in Wave v. A 61.8% projection comes in at 104.00 and a 76.4% projection at 104.64. However, we should also note the wave equality target in Wave © at 103.86. Thus the 103.86-00 area does look like the favored stalling point for stronger losses.
Only an earlier drop below the 50% retracement in Wave iv at 100.87 would appear to be more bearish.
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Unique and comprehensive analysis[/ul]