Analysis 090809

Trade Notebook

Date: Wednesday, September 08, 2009

Currency Pair : EUR/USD

Outlook: Bullish

Support: Resistance:

1.42, 1.40 1.4450, 1.47

Elliott Wave:

The expanding diagonal is maturing. Target is the top of the channel, 1.47. On this pattern it can overshoot the top of the channel.

Classic:

Massive resistance at 1.44 is taken out and now acting as support. Oulook is longer term bullish.

Currency Pair: EUR/USD

Comment:

Elliott Wave:

We are in a wave iii of 3 and have taken out the 161.8% fibo extension of wave 1. The 261.8% extension is at 1.47. Should see a retest of 161.8% extension in form of a wave iv of 3.

Classic:

A bull flag is forming between 1.4450 and 1.45. The 1.44 resistance should now act as support.

Trading Update:

Long with stops below 1.44. Target 1.47.

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