FX-Strategy Pro Commentary

196319 Resource 119238 128654 128654 1202097403711 1202097403711 Controlled Pro Commentary Lite ... 4th February 2008 ... EURUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.4794<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.4825</td><td>1.4853</td><td>1.4889</td><td>1.4920</td></tr><tr><td>Support:</td><td>1.4785</td><td>1.4769</td><td>1.4731</td><td>1.4704</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mFeb4.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>The 1.4731-69 area should now support for a move back towards 1.4953</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">Price bounced nicely from the 1.4950 target to generate a solid correction. This should reach the 1.4731-69 area which should hold and cause a reversal higher. There are two ways the next rally can occur – the first as a sideways consolidation with a peak around 1.4913-20 which would then be followed by a final rally above 1.4966. Alternatively we could see this rally develop directly and this would imply breach of 1.4920 to reach the 1.4950-66 area again from where a correction should develop.</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">The break above 1.4832 means we need to be aware of a possible follow-through but take care at 1.4955-76 and then 1.5025 and 1.5075. Only beyond signals 1.5210 at least. (<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">31st 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 reversal from 1.4953 was just about perfect. We are due a cycle high this week but we should take care. While I do expect a final new high we must be aware that the downside is due to begin very soon. Current support which I feel will hold today is at 1.4731-69. Thus before getting too bearish look for breach of the lower 1.4731 level which, if seen, would push price lower through 1.4704 for 1.4659. This could well hold so be careful. Next support is at 1.4560-89 & 1.4503-09.</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">I do feel a major high is due soon but we could have to wait for a test of the 1.5210 area. Only an earlier cap below 1.4966 that subsequently breaks 1.4700-30 would suggest earlier losses. (<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">4th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWFeb4.gif" align="baseline" border="0" />1st February The corrective low at 1.4800 yesterday suggests that Wave –iii- is still in progress and the 138.2% projection lies at 1.4950. The 1.4800 low seen yesterday appears to be Wave iv of Wave –c- higher and this would project a 61.8% Wave v target around the 1.4950-66 area. If there is any aggressive move then the next likely target is at the 176.4% projection in Wave –iii- at 1.5072. Also note the wave equality target in larger Wave –c- at 1.4976. The 138.2% projection is not until 1.5210.4th February<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">Wave –iii- seen with a 50% retracement in Wave –iv- at 1.4731. This would imply a move towards the 76.4% projection to the 138.2% projection in Wave –c- at 1.5210.<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 The art of forecasting 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; MS-RTC LM 8) 127.0.0.1 127.0.0.1 ICopsey 202.216.243.97 false true false false true 119238 blog blogsite/GFTForex/web