FX-Strategy Pro Commentary

185172 Resource 119238 128654 128654 1191382890094 1191382890094 Controlled Pro Commentary Lite ... 3rd October 2007 ... EURUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.4172<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.4180</td><td>1.4201</td><td>1.4225</td><td>1.4249</td></tr><tr><td>Support:</td><td>1.4130</td><td>1.4108</td><td>1.4078</td><td>1.4041</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mOct3.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.4108-38 supports there is no change to the expectations of additional gains</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Yesterday’s pullback broke below the ideal 1.4174-96 support but held in the next at 1.4138. I suspect this may well have formed a low but we have to be aware of deeper supports at 1.4108 and maximum 1.4078. For a direct recovery we need a move above the 1.4180 peak and then the 1.4201 corrective high. Once seen it would spur gains to the 1.4249 level at least. Here we need be careful as if this holds then we could see further sideways consolidation. Above 1.4250 -> 1.4281 and probably 1.4353.</td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Gains have been developing well and while there is a small risk of short term consolidation the next rally will make it to 1.4353 minimum and now has potential to 1.4424 and possibly as high as 1.4490. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">3rd October)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The downside was held by the 1.4130-46 support. There are deeper support levels at 1.4108 and maximum 1.4078 but there is less certainty that these will be seen. Thus, only while 1.4180-1.4201 caps and if we see a move back below the 1.4138 low will price make it to 1.4108 which I still feel will hold. However, if this dips as far as 1.4078 then the chances of a longer sideways 1.4080-1.4280 correction become stronger.   </td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">While 1.4078-1.4108 supports the risk is still higher to 1.4424-90. Thus only below 1.4070 suggests a stronger risk of losses with the first stop being around 1.3827. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">3rd October)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWOct3.gif" align="baseline" border="0" />3rd October The deeper pullback from 1.4281 now suggests that this was the end of Wave iii of Wave (c) in Wave (iii).We have three potential targets on the upside:·          1.4353 – where Wave (iii) will have projected by 176.4% and Wave (c) by 138.2%·          1.4424 where a 176.4% daily Wave –iii- target lies·          1.4490 where Wave (iii) will have projected by 261.8% and Wave (c) by 176.4%.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">At the moment the 1.4138 low represents a 41.4% retracement in Wave iv and could generate a 61.8% target in Wave v around the 1.4424 area and a 76.4% target around 1.4485-90.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA"> <span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-fareast-font-family: 'MS Mincho'; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Ian Copsey 9 application/xml false commentary currencies Dollar elliott wave EUR Euro European forecasts Forex FX fx-strategy resistance support technical analysis US USD FX-Strategy Pro Commentary Unique, comprehensive and insightful analysis http://www.gftforex.com/services/procommentary?aid=446 Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; hc; .NET CLR 1.1.4322; .NET CLR 2.0.50727) 127.0.0.1 127.0.0.1 ICopsey false true false false true 119238 blog blogsite/GFTForex/web