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Pro Commentary Lite … 5th June 2008 … EURUSD

June 05th, 2008 | Category: Forex

An excerpt from Pro Commentary

 Price:                            1.5390

Resistance: 1.5425 1.5460 1.5490 1.5531
Support: 1.5383 1.5361 1.5328 1.5283

Bias: The 1.5361-85 area provides support while gains will need a break back above 1.5500 and 1.5627

Daily Bullish: 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 AM has seen a dip to 1.5383 and whether that holds soon after 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.
MT Bullish: 5th June: We are hitting key supports now within 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 propose potential for a recovery towards 1.5720-60.  
Daily Bearish: This morning’s losses have hit the 1.5383 support and even whether 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 whether seen it should trigger follow-through to 1.5328 minimum and probably to the 1.5255-83 area at least.  
MT Bearish: 5th June: We are now examining 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.  

ELLIOTT WAVE COMMENTS

4th June

We have seen the decline to the 76.4% retracement at 1.5409 perfectly and that now provides the next analysis 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 that point I feel an internal 261.8% projection in a minor Wave iii rests at 1.5361 and that 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 that 1.5361-85 area appears to be vital.

Breach would be bearish for 1.5328 and 1.5283.

Ian Copsey

See Also

  • Pro Commentary
    Probably the most comprehensive technical report in the market

Original post by Eric J. Fox

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