FX-Strategy Pro Commentary

197316 Resource 119238 128654 128654 1202874995799 1202874995799 Controlled Pro Commentary Lite ... 13th February 2008 ... EURUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                              1.4570<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.4593</td><td>1.4613</td><td>1.4642</td><td>1.4677</td></tr><tr><td>Support:</td><td>1.4554</td><td>1.4525</td><td>1.4504</td><td>1.4480</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mFeb13.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>While 1.4554-64 support holds the risk is to 1.4642 at least</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">We did see gains but these have stalled at 1.4613. I still feel that there is still chance of seeing 1.4642 but the 1.4554-64 area (already tested this morning) needs to hold. A move back above 1.4613 should provide the lift to 1.4642. At this point we have to be careful. There is further resistance at 1.4672 and also 1.4695. I suspect a pullback from around 1.4642 but if this remains above 1.4560-70 again there is still chance of seeing 1.4671-77 and at most 1.4695-00.</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">Last week’s losses are more encouraging for a bearish structure. Thus from here only a move above 1.4695 and 1.4756 would see stronger gains back to 1.4831 at least and probably the 1.4953-66 highs. (<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">11th February)</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">There is no sign of a weakened momentum picture in the recovery although it did reach overbought. I suspect this morning’s bounce from 1.4561 should see a test of 1.4642 but I cautiously feel this will be a good selling level for a move back to 1.4560-80 at least. Take care as from there a bounce could be seen. Thus only below there – or an earlier breach of 1.4554 would the tide turn for losses back to 1.4480 and later below the 1.4437 low. Support then seen at 1.4370. </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">The decline has developed but stalled at 1.4437. Cycles are now bearish so sell into any rally to the 1.4672-00 area. While there is risk of short term consolidation a break below 1.4370 would suggest 1.4045. (<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">13th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWFeb13.gif" align="baseline" border="0" />13th FebruaryThe rally to 1.4613 was just short of wave equality in Wave c. However, it doesn’t look complete and thus I suspect we should see a move to 1.4642 at least and possibly all the way to the 138.2% projection in Wave c at 1.4672 – possibly the 161.8% around the 1.4695-00 area where Wave (b) will have retraced by 50%.One note of caution. If we see an earlier dip it could imply a flat or more likely an expanded flat correction. From the 1.4613 peak we have seen so far a 38.2% expansion would take us to 1.4370. On the assumption this holds we could easily see a move back higher to the 1.4672-95 area. <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">Note that A 138.2% projection in Wave (iii) rests at 1.4045.<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 Powerful analysis for profitable trading 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