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05-02-2008, 10:43 PM
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Pro Commentary Lite ... 13th November 2007 ... EURUSD
Pro Commentary Lite ... 13th November 2007 ... EURUSD An excerpt from FX-Strategy's Pro Commentary
Price: 1.4567 Resistance:1.46041.46351.46621.4696Support:1.45451.45201.44921.4438  Bias:While 1.4545-55 supports there is still room for gains to 1.4635-62 but then we should see losses Daily Bullish:The upside finally stalled at 1.4751 from where we have seen substantial losses. It may have been that we saw a major peak at 1.4751 but with cycles still apparently bullish we need be cautious until a stronger reversal signal has been seen. At the moment I feel the recovery from 1.4520 is not yet complete and while 1.4545-55 supports there does seem risk for gains to move back above this morning’s high at 1.4575 and onto 1.4635-62 where we may see a further attempt lower. Above -> 1.4696 & 1.4751.MT Bullish:Gains have reached the ideal 1.4740-1.4805 target. While we may have seen the top we cannot rule out a second attempt higher to the 1.4805 area but a peak should occur before long. (13th November)Daily Bearish:Sharp losses from 1.4751 have reached 1.4520. Now whether we saw a major peak at 1.4751 is uncertain and even if it was only part of a final rally we need be cautious about the downside. Initially I feel 1.4545-55 should support and thus only below would revisit the 1.4519 low with breach indicating additional losses to 1.4438 where a base should form – at the most 1.4384. Next supports are then found at 1.4340 & 1.4270-80.MT Bearish:Weekly targets have been met and we should consider the chance that we have just seen a major high. However, only below 1.4420 and 1.4384 would imply direct stronger losses. (13th November) ELLIOTT WAVE COMMENTS  13th November Have we seen the end of Wave (c) at 1.4751 or was it merely Wave [iii]? If we take Fibonacci relationships the end of Wave (c) appears a stronger argument. However, to be prudent while cycles still may have a little more on the upside we need identify what would constitute a break lower. A 50% retracement in Wave [iv] lies at 1.4438 and a 58.6% retracement at 1.4384. Thus I still feel there is risk of a test of this support area but most likely we shall see a recovery from there and we need then judge whether this can get to the weekly Wave (iii) target at 1.4805. Ian Copsey See Also      
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