Pro Commentary

205983 Resource 119238 128654 128654 1212638785716 1212638785716 Controlled Pro Commentary Lite ... 5th June 2008 ... EURUSD

An excerpt from Pro Commentary

Price:                            1.5390<table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Resistance:</td><td>1.5425</td><td>1.5460</td><td>1.5490</td><td>1.5531</td></tr><tr><td>Support:</td><td>1.5383</td><td>1.5361</td><td>1.5328</td><td>1.5283</td></tr></tbody></table><img alt="Hourly chart with indicators" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUR60mJune5.gif" align="baseline" border="0" /><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Bias:</td><td>The 1.5361-85 area provides support while gains will need a break back above 1.5500 and 1.5627</td></tr></tbody></table><table style="WIDTH: 100%" cellspacing="1" cellpadding="1" border="1"><tbody><tr><td>Daily Bullish:</td><td>Extreme tight range trading didn’t really clears up the picture too well but overall we’ve not seen a break below the 1.5361-85 support identified yesterday. Thus morning has seen a dip to 1.5383 and if this holds then we should see a move back above the 1.5425 pivot area for a recovery back to 1.5482-00 again but beyond that we need to be cautious. Next major resistance would be the old 1.5627 corrective high. Recovery from 1.5361 would imply gains to 1.5560. </td></tr><tr><td>MT Bullish:</td><td>5th June: We are hitting key supports now between 1.5361-85 but where we see the low affects how far a recovery can be seen. Above 1.5600-27 would be needed to suggest potential for a recovery towards 1.5720-60.  </td></tr><tr><td>Daily Bearish:</td><td>This morning’s losses have hit the 1.5383 support and even if it breaks I still see support at 1.5361 and each of these two supports have potential for a recovery to 1.5500 at least. Thus only look for extension lower on a break below 1.5360 and if seen it should trigger follow-through to 1.5328 minimum and probably to the 1.5255-83 area at least.  </td></tr><tr><td>MT Bearish:</td><td>5th June: We are now testing critical supports but only below 1.5360 suggests a more direct attack back at the 1.5283 low and possibly even further to 1.5188 while a larger target is at 1.5082.  </td></tr></tbody></table>ELLIOTT WAVE COMMENTS<img alt="Elliott Wave Chart" hspace="0" src="http://i10.photobucket.com/albums/a111/ToshiYamada/EUREWJune5.gif" align="baseline" border="0" />4th June We have seen the decline to the 76.4% retracement at 1.5409 perfectly and this now provides the next test as to whether we are seeing a triangle within a larger consolidation or whether we could see a move all the way down to 1.5283 again in a possible flat correction. I can’t even rule out loses beyond should the 1.5817 high have been Wave (b). In any event, at this point I feel an internal 261.8% projection in a minor Wave iii rests at 1.5361 and this should be the most we see today. Before 1.5361 is a small 161.8% projection in a minor Wave c at 1.5385 so this 1.5361-85 area appears to be important. Breach would be bearish for 1.5328 and 1.5283.Ian Copsey 9 application/xml false commentary currencies Dolalr elliott wave EUR Euro Euro-zone European forecasts Forex FX resistance support technical analysis US USD Pro Commentary Probably the most comprehensive technical report in the market 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