An excerpt from FX-Strategy’s Pro Commentary
Bias:While 0.8040 supports there is still room for gains to 0.8110-30
Daily Bullish:Strength has been much more than expected and we have been forced to reconsider the structure although this is not too easy to identify. For the moment we see support around 0.8040 and while this holds the risk still appears to be higher for 0.8110-30 but here take care as this could cause a further pullback. Only above extends to 0.8160-80.MT Bullish:The repeated breaks higher still appear to point to further gains and while there is risk of an early pullback from around 1.8110-30 there does appear to be risk to 0.8230-45 now. (March 22nd)Daily Bearish:The upside just keeps going and thus we should be cautious about the downside. There is support around 0.8040 and only clean break would cause additional losses which would then search for the next support around 0.8000 and at most 0.7960-65. If there is a bounce from 0.8040 to 0.8110-30 we feel this should provide an opportunity for a pullback. MT Bearish:With continued gains new can raise the break lower to the 0.7920-60 area. If this breaks we can begin to consider a bearish stance again. (March 22nd)
ELLIOTT WAVE COMMENTS
Gains continue and we have tentatively placed a Wave iii peak at 0.80313 where Wave c was equal to 176.4% of Wave a. Using the 0.7962 correction as Wave iv it implies a 61.8% target in Wave v at 0.8179, a 66.67% projection at 0.8196 and a 76.4% projection at 0.8230 which is close to a daily wave equality target at 0.8243.
Right now we appear to be mapping out Wave a of Wave v which is expected to find a high around 0.8110-30. This should be followed by a Wave b and then Wave c to the targets mentioned above.
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