Review for the 23-d of January 2007
Axel
Forex spot: EUR/USD USD/JPY GBP/USD USD/CHF
Spot 0735 GMT 1.3017 120.97 1.9762 1.2422
3 Day Trend Bouncing Capped Capped Capped
Weekly Trend Capped Bullish Bullish Bullish
200 day ma 1.2800 116.40 1.8884 1.2357
3rd Resistance 1.3117 121.80 1.9847 1.2471
2nd Resistance 1.3090 121.49 1.9822 1.2450
1st Resistance 1.3058 121.10 1.9803 1.2432
Pivot* 1.3022 121.21 1.9783 1.2427
1st Support 1.3000 120.85 1.9760 1.2375
2nd Support 1.2979 120.48 1.9722 1.2340
3rd Support 1.2914 120.07 1.9696 1.2297
Europe
During the Eropean session the 1-st (A) wave was going on downwards.
Criteria -
* there were no turn upwards on m5-15 from 1.9803, 2 zigzags upwards on m15 (1.9803-30) = 23% from the previous down movement.
* puncture of sup 1.9803
* fibo targets from m15 below
1. ending of the wave А on h1 – turn upwards on m5-15
2. wave's structure of the wave B and its peak will show us future middle-term plans
1.FLAT before Europe + pull back grid on m15-m5
2.Qualifying pull back grid on m5
3.H1 zigzag
4.crossing of the grids m15-361,8% m5- 200%+ allies + reserve of movement + news awaiting
America
The whole session is ahead for fulfillment of the reserve of movement by currencies
a) down - 5-th wave at GBP
b) up - m15 turn (if the minimum is not going lower the nearest crossing of grids above is 1.9800 also) + check on small TFs
1.Pull back grid on m15. This recoil didn't break the trend of the day.
2.Puncture of the local min
3.162% target of the grid + reserve of movement
4.A grid drawn on the European impulse.