Price: 1.0172
| Resistance: | 1.0201 | 1.0223 | 1.0241 | 1.0277 |
| Support: | 1.0143 | 1.0112 | 1.0086 | 1.0066 |
| Bias: | Mixed – waiting for breaks |
| Daily Bullish: | Trading was mainly flat yesterday although did see a marginal spike to 1.0223. I suspect now that while the 1.0143-49 area supports (max 1.0112) that we should see a move back above 1.0117-23 to see 1.0277-1.0306 at least. Indeed, this could generate a correction. Thus only above the 1.0325 high would see direct gains to the 1.0370-76 highs. |
| MT Bullish: | The break above 1.0152 does seem more bullish although the lack of follow-through concerns. Above 1.0207 and 1.0252 paint the way for a move to the 1.0325 high and quite possibly 1.0370-76 once again. (9th April) |
| Daily Bearish: | The broad sideways move seen yesterday looks more corrective and thus the 1.0143-49 area should support. Therefore any bearish view will require loss of 1.0140 and then 1.0112 which would then generate stronger losses to 1.0066 at least and I suspect all the way down to the 1.0017 low again. |
| MT Bearish: | While the immediate downside has stalled the recovery hasn’t yet been sufficient to suggest a stronger move higher. Thus while 1.0207-52 caps there still remains risk down to 0.9914-44. (9th April) |
ELLIOTT WAVE COMMENTS
The pattern is not that clear. It may have been that the 1.0017 low was the end of Wave –x- or it could have just been Wave –a- of Wave –x-. A 50% retracement in a possible Wave –b- rests at 1.0207 and a 76.4% at 1.0252.
Thus back above 1.0252 would add weight to a more bullish move back to the 1.0325 high and probably above.
Below 1.0017 would see a 61.8% retracement in Wave –x- at 0.9944 and 66.7% at 0.9914.
We therefore need to await breaks.
Ian Copsey
See Also
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