FX-Strategy Pro Commentary

194769 Resource 119238 128654 128654 1200369467749 1200369467749 Controlled Pro Commentary Lite ... 15th January 2008 ... EURUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.4875<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.4880</td><td>1.4913</td><td>1.4937</td><td>1.4966</td></tr><tr><td>Support:</td><td>1.4850</td><td>1.4815</td><td>1.4785</td><td>1.4760</td></tr></tbody></table><img alt="Hourly charts with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mJan15.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>Momentum looks strong and appears to suggest follow-through to 1.4966-74</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-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Breach of the 1.4823 high indeed provoked follow-through to the 1.4913 perfectly from where we have seen a correction. I suspect that since momentum looks quite firm that we should see additional gains today. Watch support at 1.4850 and then 1.4810-20. While these remain intact the risk still appears to be higher for 1.4966-74 – but take are as this should cause a small pullback. Next resistance is then found at 1.5016-31.</td></tr><tr><td>MT Bullish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">We have seen price reach 1.4913 with momentum favoring breach for 1.4966-74 at least. We should also beware of the old daily support line which is now just around 1.5100-20. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">15th January)</td></tr><tr><td>Daily Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">The 1.4913 target was reached without causing a bearish divergence and thus we need to be careful about expecting too much in the way of weakness. Back below the 1.4810-20 pivot area would appear to suggest additional losses. If seen then look for the downside to progress towards 1.4730-60 and if this breaks then to 1.4638.</td></tr><tr><td>MT Bearish:</td><td><span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Yesterday’s move higher may have more bullish implications with the only risk being that we are seeing a large flat correction. Only now below 1.4730-60 would undermine the structure for 1.4550-80 initially. (<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">15th January)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWJan15.gif" align="baseline" border="0" />15th January Price reached the 76.4% projection at 1.4913 but there are no bearish divergences. Thus we should expect a retest of the 1.4966-74 area being the old higher together with a 138.2% projection in Wave iii. However, we should also be aware of the possibility of a flat correction that would see a peak at 1.4966-74. I very much doubt it, but keep it in mind.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; mso-ansi-language: EN-US; mso-fareast-language: JA; mso-bidi-language: AR-SA">Normally, even in a new move higher we would expect a reaction from somewhere close to the old high.<span style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana; mso-bidi-font-family: 'Times New Roman'; mso-fareast-font-family: 'MS Mincho'; 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 Commentary to guide you through the trading day 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 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web