Pro Commentary

201831 Resource 119238 128654 128654 1208316683636 1208316683636 Controlled Pro Commentary Lite ... 16th April 2008 ... EURUSD

An excerpt from Pro Commentary

Price:                             1.5787<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.5810</td><td>1.5845</td><td>1.5885</td><td>1.5912</td></tr><tr><td>Support:</td><td>1.5750</td><td>1.5720</td><td>1.5699</td><td>1.5668</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mApr16.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>We need a quick break below 1.5750 to see 1.5720 and later to 1.5668-99</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; COLOR: black; 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 a break above 1.5860 but without much momentum and from there we have seen losses although these haven’t been convincing just yet either. If there is to be a reversal back higher again then we really need to see a break above the 1.5810 pivot resistance already seen this morning. If seen then look for a return to 1.5874 and 1.5912. This area could produce a reaction but it would then seem more probable that we’ll see follow-through to 1.5967-86 at least.</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">There has not yet been any reversal pattern confirmed. Until then keep in mind resistance at 1.5986 and 1.6042-65. Only above here would suggest a move to the lowest ideal target at 1.6245.  (<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 April)</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">While we saw a breach of 1.5860 we didn’t see a move above 1.5885 and I still cautiously feel this implies the downside is more likely. It hasn’t been that convincing so far but while the 1.5810 pivot resistance holds I still feel there is more argument for losses to 1.5720 initially. This could cause a further pullback though it should be quite shallow and find a move back above 1.5780 tough. This should allow a move into the 1.5668-99 area which again should cause a slightly larger correction.</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">There are potential bearish patterns but yesterday’s move lower from 1.5912 looks more like a “dip” just now. We shall need a move below 1.5510 to confirm which would cause losses back to the 1.5340 low 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">11th April)</td></tr></tbody></table> ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWApr16.gif" align="baseline" border="0" />14th AprilThe picture remains mixed with a flat correction possible in Wave –b- to 1.5510 or in Wave –iv- to 1.5340. The gap down on open almost met a wave equality target at 1.5653 and this implies that stronger losses will need a break here. Then watch the 1.5510 and 1.5340 lows. Back above 1.5800 would bring the emphasis higher again. 15th April<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">It is just tough making a bullish pattern right now and therefore I am tending to prefer either a flat correction back to 1.5510 before higher or all the way back to 1.5340 before higher. The only thing to look for is a short term sideways consolidation before 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">Ian Copsey 9 application/xml false commentary currencies Dollar elliott wave EUR Euro European forecasts Forex FX resistance support technical analysis US USD 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