Price: 1.5787
| Resistance: | 1.5810 | 1.5845 | 1.5885 | 1.5912 |
| Support: | 1.5750 | 1.5720 | 1.5699 | 1.5668 |
| Bias: | We need a quick break below 1.5750 to see 1.5720 and later to 1.5668-99 |
| Daily Bullish: | 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. |
| MT Bullish: | 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. (11th April) |
| Daily Bearish: | 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. |
| MT Bearish: | 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. (11th April) |
ELLIOTT WAVE COMMENTS
The 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
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.
Ian Copsey
See Also
- Pro Commentary
The art of forecasting
