Excerpt from: Pro FX Commentary Lite
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| March 30, 2008 | | An excerpt from FX-Strategy's Pro Commentary | Price: 1.9940 | Resistance: | 1.9966 | 1.9995 | 2.0028 | 2.0048 | | Support: | 1.9920 | 1.9900 | 1.9880 | 1.9856 |
| Bias: | Have to take a little care but I still prefer a bearish stance |
| Daily Bullish: | Weakness seen in line with the preference which reached 1.9880 but then stalled. Since then the wave structure is a little less clear. However, I remain cautiously bearish and therefore the upside does seem limited to 1.9978-95. Only a break above this area would keep the pressure higher for 2.0028-48. Watch the high level. Only breach maintains the upside towards 2.0088 and 2.0118-30. | | MT Bullish: | The 2.0272 high has remained intact and losses stalled just above the 1.9941 area. I remain bearish and thus only back above 2.0240-72 would suggest we’ll see a recycling of corrective strength to 2.0397. (27th March) | | Daily Bearish: | Losses were seen as expected but these stalled at 1.9880 which I find tough to fit into any structure. If there is to be further slippage we should ideally see the 1.9978-95 resistance must cap. A move below 1.9920 would assist which should extend losses to 1.9880 and probably the 1.9816-56 area which may well hold on the day. Further support is back around the 1.9733-56 area. | | MT Bearish: | Losses stalled at 1.9733 but I feel that we have probably seen a peak. While there is risk of a longer sideways correction overall I’ll be looking for the 1.9733 low to break for 1.9335-61 again over time. (27th March) |
ELLIOTT WAVE COMMENTS 
28th March
The 2.0191 high was a little more than expected but the sharp reversal I feel is more reflective of additional losses that should eventually make their way back to the 1.9733 low in Wave (a) of Wave (iii).
31st March
Losses were encouraging but slightly away from expectations. For the downside to regain hold we’ll need a move below Friday’s 1.9880 low that should maintain momentum for the 138.2% - 161.8% projection at 1.9856 & 1.9816. Eventually I’d expect a retest of the 1.9733 low in Wave (a) of Wave (iii). Ian Copsey | Topic Tags: British, commentary, currencies, Dollar, elliott wave, forecasts, Forex, FX, fx-strategy, GBP, Pound, resistance, support, technical analysis, US, USD | |
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