FX-Strategy Pro Commentary

197918 Resource 119238 128654 128654 1203653051659 1203653051659 Controlled Pro Commentary Lite ... 22nd Febraury 2008 ... EURUSD

An excerpt from FX-Strategy's Pro Commentary

Price:                            1.4800<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.4841</td><td>1.4866</td><td>1.4901</td><td>1.4936</td></tr><tr><td>Support:</td><td>1.4771</td><td>1.4750</td><td>1.4705</td><td>1.4671</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mFeb22.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>The top should be met soon – max 1.4866-00 but any drop below 1.4750-70 would see direct losses</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">Pretty close to perfect yesterday with the initial rally stalling just below 1.4755 but then the pullback stalled at 1.4700 and didn’t get back to 1.4665-85. However, we have seen price reach the minimum target at 1.4836 amid a bearish divergence. The full target is at 1.4866 and at most 1.4901. While 1.4771 (max 1.4750) supports the upside is still favored to the 1.4866-00 target area. This should complete the move. Thus only a clean break above 1.49 will imply a move back to the 1.4966 high. </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 toyed with the preferred 1.4695 resistance but only above here would imply a retest at 1.4756 and probably 1.4835-66. However, I think that should be the most we see else expect 1.4966 again. (<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">19th 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">We are close to a selling opportunity. While the 1.4750-71 area supports a further test of the 1.4866 (max 1.4901) area is implied. As long as the bearish divergence still exists (it’s there in the 4-hour chart also) we should see a firmer reversal lower. An earlier break below 1.4750 would confirm. There is then modest support at 1.4700-10 which should stall the initial decline. Thus only below there provides a stronger reaction towards 1.4637 and below. </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 recovery has been deeper than expected and thus points to a 1.45-1.4866 range. While 1.4866-86 caps we should see losses but we’ll have to wait for breach of 1.4480-00 to confirm larger 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">20th February)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWFeb22.gif" align="baseline" border="0" />21st FebruaryWatch carefully. The decline to 1.4618 came in 3 waves and until the 1.4728 resistance is broken it could still cause a triangle to develop. Any earlier move to 1.4755 would suggest a new ABC pattern and thus a correction in Wave b before Wave c should attack the 1.4835-66 target. The only other risk is a flat correction – up to 1.4755 & back to 1.4618.22nd 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">Minimum target met and I feel the 1.4866 level is still possible (allow for small overshoot.) This should complete Wave ^c and thus we can look for Wave ^d to develop. Once the high is confirmed we can derive a target for Wave ^d which is likely to be in the 1.4500-25 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">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