Euro 1.2005 17th june, 2004. Pre-Japanese Update
Our mid-term Wave count (released a month ago) forecasted that Euro should fail near 1.2350 levels for completing a corrective wave B of 4 and decline down from there to complete wave C of 4 for a min target @ 1.1750 or a max target of 1.1450 levels before a long term impulsive fifth wave starts for an upward target of 1.3000. This view is so far so good, while a clear break of 1.1950 area today will strengthen this wave count.
For short-term any raise near 1.2040 should cap the upside move, for a decline towards 1.1980/50 again. And a break of this low is expected during today抯 trade for 1.1920 min. As we said yesterday抯 close below 1.2018/20 level is adding fuel to the downward pressure for the single currency.
Sell @ attempts near 1.2040 for 1.1980/60 stop @ 1.2090
EUR/USD may Gain Strength after initial Loss
EUR/USD may initially go down to the low level
1.1930/10 and may gain strength to the high
level of 1.2125/50.
Therefore, buy if low price achieves first.
NOTE:
Always operate with 30 points stop loss above or
below the entry level.
by P.N.Manoharan
Forex Foresight
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