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Saturday, April 17, 2010

Weekly Outlooks April 18th 2010

EURJPY

Could be in the midst of making a bottom based on recent price action however based on weekly Elliot wave count there is potential that wave 4 is complete and wave 5 is next to new lows.

Make or break right now is 121.055.

Buy dips into 61.8 and 82 weekly fib levels with a stop at 121.

Caution is noted because the daily trendline (TL) broke but the market did not close below TL.

Market may range between 123 and 127.

A close on the daily below 121 gives us first target level of wave 5 of 118.84.

A close above 128 exposes 132 and may attack 134.

Remember this is just “One Man’s Opinion”


WEEKLY CHART






DAILY CHART






2 comments:

  1. Nice work Marco
    Will follow with interest
    Total agree with anaylsis on this pair.

    ReplyDelete
  2. Target hit hot on this pair, and some. Well done Marco analysis spot on. Keep up the good work. Looking forward to more of your insight.

    ReplyDelete