An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 155.34
[B]Resistance:[/B]155.75156.11156.52156.99[B]Support:[/B]154.94154.55154.17153.82
[B]Bias:[/B]Care – there are two possibilities here but overall I still remain bearish
[B]Daily Bullish:[/B]Losses developed as expected but stalled just above the 154.94 target and caused a firm pullback. While the 154.94-155.13 area remains intact I still can’t rule out a second corrective move higher though I have my doubts. Thus for this second correction wait for a break back above 155.70-75. If seen it should provide some upside gains towards 156.11 and 156.52 en route a maximum 156.99 resistance. [B]MT Bullish:[/B]The downside still looks the more likely direction. Only now back above 156.99-157.31 would provide relief for gains back to 157.43-80 and 158.44-60. ([B]7th February[/B])[B]Daily Bearish:[/B]While the levels haven’t been totally accurate the downside has developed and I still feel there are further losses to be seen. Until the 154.94-13 area breaks I still can’t rule out a deeper pullback to around 156.99. While this holds – or we see a direct break below 154.94 (which I tend to favor) the downside can extend further to 153.82-89 which I think will hold. Next support is at 153.04. [B]MT Bearish:[/B]The rejection just below the 159.36 highlights the risk of additional losses. Below 157.10 would open up 155.53-83 and 154.62 en route the 152.09 low once again where a correction is again possible. ([B]30th January[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]6th February[/B]
The break lower could mean that we’re seeing Wave (a) of Wave (v) and this would imply a decline to the 223.6% projection in Wave iii to 153.82-89. Expect then a Wave iv to be followed by Wave v to retest the 152.09 low area.
Indeed, the 153.82-89 area also represents the 76.4% retracement and the only risk to additional losses is the development of a sideways triangle with a base normally expected at a 76.4% retracement.
Only a move up from today’s low at 155.70 would retest and probably break above the 159.46 high…
[B]Ian Copsey[/B]
[B]See Also[/B]
[ul]
[li]FX-Strategy Pro Commentary[/li]Powerful analysis for profitable trading[/ul]