DAILY FORECAST FOR EURUSD
by, 11-14-2012 at 08:52 PM (711 Views)
[B]BIAS[/B]: While the 1.2715-25 area supports we should see further progress to 1.2820-25 and later 1.2850-75
Resistance:... 1.2750-55... 1.2779........ 1.2804... 1.2820-25
Support:........ 1.2715-25... 1.2696-07... 1.2661... 1.2637
[B]MAIN ANALYSIS[/B]: Price broke above 1.2727-38 to extend gains to just below the 1.2789 high from where we have had a correction. This should remain above the 1.2715-25 area to see the rally resume back above 1.2779-89 and to 1.2804 minimum - probably 1.2820-25 - for a correction of around 20-40 points from where the next move higher should develop. This should come in 3 legs, the first back to around the 1.2820-25 area and after a correction I see the next target being around 1.2850-75 (and noting the 1.2885 pivot resistance.) This area should trigger a deeper correction lower.
[B]COUNTER ANALYSIS[/B]: Any direct loss of 1.2710 would annoy rather than concern and perhaps suggest the 1.2696-07 retracement area but I'd still then prefer to see gains. Only below the 1.2661 low would break back below the 4-hour Price Equilibrium Cloud and suggest deeper losses to 1.2637 minimum and possibly the 1.2601-07 area.
For more information regarding the support & resistance and medium term outlook please see the attached PDF file.
[B][URL="http://harmonicelliottwave.blogspot.jp"]HARMONIC ELLIOTT WAVE BLOG[/URL][/B]