An excerpt from FX-Strategy’s Pro Commentary
[B]Price:[/B] 2.0925
[B]Resistance:[/B]2.09572.09902.10352.1069[B]Support:[/B]2.09002.08802.08402.0815
[B]Bias:[/B]Mixed – waiting for breaks
[B]Daily Bullish:[/B]This morning’s spike up to 2.0950 came as a bit of a surprise but the peak, being just below the weekly 2.0957 target is encouraging. However, weekly targets should be given a little leeway. Thus while 2.0880-00 supports there could be room for another rally above 2.0957 that could see 2.0990 which should be observed closely. Next resistance is at 2.1035-69 but by then I feel we should be seeing a high. Note that the bearish divergences in hourly and 4-hour charts are still intact. [B]MT Bullish:[/B]We have seen the rally reach just above the 2.0881 resistance and now should see a final move to around the 2.0957 weekly target. This may need some leeway but at most the 2.1069 area should cap. ([B]6th November[/B])[B]Daily Bearish:[/B]The 2.0957 target has effectively been met and with bearish divergences in hourly and 4-hourly charts we should not forget the possibility of reversal lower. We should still be respectful of possible mild new highs but 2.0990 (max 2.1035-69) should be it. Back below 2.0880-00 will assist and generate losses down to the 2.0810-20 pivot area. Below there sees the 2.0780 low, break of which does seem to open up the downside. [B]MT Bearish:[/B]We are only missing a bearish divergence in the daily chart and thus be aware of the risk of reversal Ideally we need a break below 2.0760-80 which would appear to open up losses to 2.0450 again. ([B]7th November[/B])
[B]ELLIOTT WAVE COMMENTS[/B]
[B]6th November[/B]
The losses yesterday suggest the possibility of an expanded flat which should see losses stall at 2.0742-57 and cause a final move higher to 2.0957. Any loss of 2.0740 may well imply we saw the major high at 2.0895…
[B]7th November[/B]
Have we seen the end having almost reached the 2.0957 target? It’s possible being a 66.7% projection in a weekly Wave (v) but these can be rough guides. A 161.8% projection in Wave © is at 2.1035 and a smaller short term projection of 161.8% at 2.0990. Thus beware of the risk of reversal.
[B]Ian Copsey[/B]
[B]See Also[/B]
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[li]FX-Strategy Pro Commentary[/li]Unique and insightful analysis[/ul]