Do you believe the that the euro and also gbpusd will bearish throughout the entire year?? From concept I hear that it will from many I only am curious?Originally Posted by ;
Do you believe the that the euro and also gbpusd will bearish throughout the entire year?? From concept I hear that it will from many I only am curious?Originally Posted by ;
I agree with the general assessment below.
-- Itme
_______________________________
Market Minute
'No matter what anyone says,' the December 6 lead editorial in The NY] Times insists, the dollar is doomed. The editorial echoes a similar one in the Times on April 2, 2005. Back then, the Elliott Wave Financial Forecast noticed that such a forceful prediction from a non-financial media outlet is very rare and a strong contrarian signal. The [Dollar] index responded with a 10% rally...
-- http://www.elliottwave.com/s.asp?cn=....aspx?code=oco, January 2007 issue (online now.)
lt;table border=0 cellpadding=0 cellspacing=0 width=575gt; lt;tbodygt;lt;trgt;lt;td valign=topgt;The USD: A 'Technical Rally'?
Lt;/tdgt; lt;/trgt; lt;trgt; lt;td width=6gt;
lt;/tdgt; lt;tdgt; By Vadim Pokhlebkin lt;/tdgt; lt;/trgt; lt;tr height=12gt; lt;td height=12 width=6gt;
lt;/tdgt; lt;td height=12gt;
lt;/tdgt; lt;/trgt; lt;/tbodygt; lt;/tablegt; lt;dining table border=0 cellpadding=0 cellspacing=0 width=575gt; lt;tbodygt;lt;trgt;lt;td width=6gt;
lt;/tdgt; lt;td class=EC_article valign=topgt;Since the start of the year -- just a week! -- the U.S. dollar has gained more than two per cent against the euro. Last Friday (Jan. 5), it broke below the plogically important $1.30 amount for the first time in 2 months.
That is quite a change from early December, Once the EURUSD was pushing $1.3350. Critics say that the rate obtained that high in the first place because of the change in the Federal Reserve's interest rate policy. They have maintained the rates frozen at 5.25% since July, and might even cut them going forward -- and that, goes the conventional wisdom, is bad news for your dollar.
Yet the USD has been gaining. And have you ever noticed that any time fundamental explanations begin to fail such as this, the forex media turns to the less traditional explanations -- such as a technical decline, such as?
That is what they said yesterday (Jan. 8), when the EURUSD dipped below $1.30 again. Dollar Drops From Six-Week High on Selling at Technical Degrees, said one headline. Apparently, some foreign central banks purchased back the European currency at a key so-called technological level -- specifically, $1.2980, the very top of the European currency's trading range from April through late November this past year.
Why could that price level be important? Certainly no fundamental causes of it: It has got nothing to do with the market, or even the Fed, or any of that. The only thing that price level needed to do with was mass plogy. In other words, a top of the previous trading range -- a line on a chart! -- has been perceived by forex traders as a good stage to buy.
Do not try to discover a logical explanation here there is not any. This was a purely emotional decision on behalf of those market players yesterday. And wouldn't you know it, Elliott wave analysis saw it coming a mile away. As early as 2:30 a.m. on Monday, at the center of the overnight trading session, EWI's http://www.elliottwave.com/s.asp?cn=...aspx?code=fofo posted this intraday upgrade and chart:
02:32 ET/07:32 GMT
[EURUSD] Last Price: 1.3013
Weakness from 1.3296 is viewed as a five-star selling sequence late in development that probably ends in response to a more new low under 1.2982. Interim upside possibility above 1.3022 is likely quite limited whilst waiting for this next leg to commence...
http://www.elliottwave.com/images/ez...o 1-8-07.gif
Another low under 1.2982 was precisely what we have on Monday. After a short rally, this morning the EURUSD was hovering near $1.30, like seeking direction. Well, earlier or later, it finds it...
lt;/tdgt;lt;/trgt;lt;/tbodygt; lt;/tablegt;
6 from the initial 8 new year turning points from the Euro have seen change of fashion. In case this months downtrend proceeds it's going to make it 7 out 9 or 78%.
Pg2 - Eur/Usd
The result from this week Setup....
--------------------------------------
Priced continued to crash down into this Minor Wave 5.
( AFTER )
Going Into - Tuesday Next week
/////////////////////////////////////////////
Eur/Usd
I have to agree that Moneytec is upset and a sinking ship, especially after final surfer's thread and accusing me of being . Well, that's history now and quite a few traders have abandoned it. Surfer has moved to his own site/chat and proceeds to post so all is not lost.Originally Posted by ;
Anyway, marketwavez also provides valuable charts and advice so it's good to see him on websites which appeciate his attempts rather than trying to undermine his thread.
Regards
Pip
Turning my attention to the Euro here
Eur/Usd
This is a Probable wave count
1.3000 Resembles a Resitance area!
Perhaps we are nearing a Wave 4 Top of some sort? ....