USD/MXN Elliott wave count for April 30, 2012


USD/MXN Elliott Wave
During the Friday's European session the USD/MXN pair was trading in a downward movement toward to 13.165 level(100EMA). Therefore during the New York session the USD/MXN continues trading in a bearish mood to the new low at 12.960 level.We can consider this move as end of the 3 wave (coloured pink).Today this exotic currency start in a Sideways move. Presently we can observe start of the 4 wave (coloured pink).We are expecting to see price higher today.In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (13.287-13.047-13.265). Take Profit at 12.886 (161.8% of wave 1). As Stop Loss the invalidation point at 13.100 can be used.Also it is necessary to consider the data concerning the U.S. Core PCE Price Index m/m, Personal Spending m/m, Chicago PMI that can affect the rate of the pair.

Support and Resistance levels
(S3) 12.8992 (S2) 12.9316 (S1) 12.9640 (R1) 12.9691 (R2) 13.0015 (R3) 13.0339

Trading Forecast
Proceeding from Elliott Wave Rules, this week the trend is expected to begin the downward movement. That is why Short positions at level 13.000 with Stop Loss at 13.100 and Take Profit at 12.886 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
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AUD/USD Elliott wave count for May 1, 2012


AUD/USD Elliott Wave
Yesterday the AUD/USD pair has started developing corrective wave 2 (coloured pink). During the European session we could observe the descending movement towards 1.0425 level (50 EMA Support). Therefore during the New York session the price continues the bearish mood and the price has reached its low at 1.0405 level. We can consider this move as end of (A) (coloured black) of the bigger 2 wave (Coloured pink). In late New York the AUD/USD pair started pushing higher and the price reached the 1.0430 level. We can consider this move as end of (B) wave.Today during the Asian and European session we could observe the strong bearish mood in this major and price drop to the 1.0303 level. Presently we can observe the end of 2 wave (coloured pink) and start of the 3 wave (coloured pink) of the bigger 3 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0246-1.0473-1.02956); the First Take Profit at 1.0520 (100% of wave 1) and Second Take Profit at 1.0660 (161.8% of wave 1). For Stop Loss we can use the invalidation point at 1.0246. Also it is necessary to consider the data concerning the U.S ISM Manufacturing PMI, FOMC Member Williams Speaks, FOMC Member Lacker Speaks and FOMC Member Lockhart Speaks that can affect the rate of the pair and Pianalto’s speech that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0372 (S2) 1.0396 (S1) 1.0411 (PP) 1.0435 (R1) 1.0459 (R2) 1.0474 (R3) 1.0498

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0350 with Stop Loss at 1.0246, Take Profit 1 at 1.0520 and Take Profit 2 at 1.0660 are recommended.
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
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USD/CAD Elliott wave count for May 1, 2012


USD/CAD Elliott Wave
Yesterday the USD/CAD pair has finished developing of the 3 wave (coloured blue) and start pushing higher for the 4 wave (coloured blue). During the European session we could observe the upward movement toward 0.9825 level (50 EMA Resistance). Therefore during the New York session we could observe price above 200EMA. At the end of the New York session we could see the price reaching new daily high at 0.9893 level.Today during the Asian session the USD/CAD pair was trading in a sideways move. We are expecting to see price higher today in a New York session for the end of the 4 wave. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets with simple measuring the first wave range; the First Take Profit at 0.9825 (61.8% of wave 1) and Second Take Profit at 0.9779 (100% of wave 1). For Stop Loss we can use the invalidation point at 0.9927. Also it is necessary to consider the data concerning the U.S ISM Manufacturing PMI, FOMC Member Williams Speaks, FOMC Member Lacker Speaks, FOMC Member Lockhart Speaks and CAD BOC Gov Carney Speaks that can affect the rate of the pair and Pianalto’s speech that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9765 (S2) 0.9800 (S1) 0.9821 (PP) 0.9856 (R1) 0.9891 (R2) 0.9912 (R3) 0.9947

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 0.9900 with Stop Loss at 0.9927, Take Profit 1 at 0.9825 and Take Profit 2 at 0.9779 are recommended.
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

Fundamental Analysis, for May 1, 2012


Standing in line with last month’s announcement the Reserve Bank of Australia cut its interest rates from 4 to 3.75% early

this morning resulting in significant downward movement of the local currency – the Australian dollar.

The slowdown in the growth of China's economy, Australia's main market including the low inflation made the BRA take a step

that investors have been waiting for a long time, given that the local reference rate was and still is the highest of the

major central banks.

Moreover the yen continues its upward trend on all fronts and reached a new high since February 22 during the last hours

against the dollar. The targets for the downward movement which naturally favor the JPY are located in the 79.10 area

corresponding to 61.8% of the rally 76.01 / 84.14.

Meanwhile, the Canadian dollar appears to stop its fall after the publication of an unfavorable data on GDP for the first

quarter. Against all odds the measurement showed a decrease of 0.2% cancelling the loonie highs of last September reached

in the recent days. The Canadian currency is expected to continue its downward trend in coming days and even break the

deadlock against the dollar which is a pivots point for several weeks.

Faced with these scenarios the euro is about to reach 1.32, taking into account also that the majority of European

financial markets are closed due to the Labor Day. Particularly striking is the strength of the single currency in these

times. The debt crisis in several countries led by Spain whose problem of unemployment and recession has no output in the

short term impacts the exchange rate of the euro. Considering all this there is a question: should we expect the

announcement on interest rate cuts? On Thursday the ECB President, Mario Draghi, announced the monetary policy of the

state.

In this regard, consider that recent interest rate movements were in defense of southern Europe affected by crisis that has

recently reached its peak. But Germany, the Europe's engine continues to reap near-record economic figures and in fight the

inflation in this country. The ECB for a second time in a row raised the interest rate. In two days we will know the

further information. The country continues drawing attention to the currency affected on all fronts.

The pound sterling is more relieved although in the last hour has shown signs of weakness against the dollar by breaking

the uptrend line crossing GBP / USD. Anyway, the British is not likely to be affected and could recover quickly from the

movement this morning caused mainly by the UK manufacturing PMI.

As to the U.S. session on Tuesday is expected ISM manufacturing at 10:00 Eastern which is the most important news of the

day.


Performed by Gerardo Porras, Analytical expert
InstaForex Companies Group © 2007-2012



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EUR/USD Around Bearish Trendline - May 01, 2012 (Daily Strategy)






The EUR/USD pair is about to reach 1.32. It is necessary to consider the speech of ECB president Mario Draghi announced the

monetary policy of the state on Thursday. This may be decisive for the future of the Euro.

In technical terms the euro is trading far below the downtrend line, but according to Momentum indicators and Range

provides the bearish signals and a possible imminent correcion. On the other hand if the euro would break the downtrend

line and the negotiation of today closed above the 1.3280 level. This fact points that the euro continued its upward trend

to 1.3370; therefore selling is recommended at 1.3240 level.


Performed by Gerardo Porras, Analytical expert
InstaForex Companies Group © 2007-2012

[URL="http://instaforex.com/articles/"]More analysis - at instaforex.com[/URL]






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EUR/USD Wave Analysis for May 1






Wave marking analysis:
Due to the yesterday’s weak trades the EUR/USD pair has failed to define its further movement. As a result the pair

remained within the range of 1.3200 – 1.3260 for the whole day. Considering the corrective scenario the current wave

structure still allows the euro to reach the target levels located in the area of 1.3300-1.3345. At the same time the wave

E of the current upward correction looks as the complex one confirming the assumption that yesterday’s decline of quotes

will continue towards the April’s low (1.3000).



Targets for resumption of the descending part of the trend within the wave 3 or C:
1.3087 – 23.6% of Fibonacci
1.3039 – 11.4% of Fibonacci

Targets for the wave E in 2 or B (complication of the corrective part of the trend):
1.3295 – 76.4% of Fibonacci
1.3343 – 88.6% of Fibonacci

General conclusions and trading recommendations:
The recent growth of quotes can be considered as a quite complicated wave 2 or B. The present ascending movement within the

wave E has targets 1.3295 and 1.3343 corresponding to 76.4% and 88.6% of Fibonacci respectively. MACD divergence points at

possible reversal of quotes for the benefit of the dollar in the nearest future as the wave 2 or B are nearly finished.

Nevertheless. The correction is getting more and more complicated every day. This fact can result in transformation of the

whole structure into impulse one and therefore, the whole wave marking will need corrections. If the current marking is

true, the wave 3 or C with targets seen at 1.3087 and 1.3039 will begin its formation almost from the present points.


Performed by Alexander Dneprovskiy, Analytical expert
InstaForex Companies Group © 2007-2012




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GBP/JPY Elliott wave count and Fibonacci levels for March 15, 2011

The GBP/JPY pair is developing a corrective wave B of the medium term downtrend from 127.76 (light green in the chart) including three subwaves (red in the chart) and a potential impulse subwave C developing from 127.97.

Presently the upside targets are Fibonacci retracements of 130.71-127.76, 131.75-127.76 and expansions of 127.76-129.32-127.97.

Resistances:

- 128.93 = contracted objective point (COP)
- 129.53-58 = confluence area of objective point (OP) and .618 retracement
- 129.76 = .50 ret
- 130.23 = .618 ret

The targets below are Fibonacci expansions of 131.75-127.76-129.32, 130.71-127.76-129.32.

Supports:

- 127.50 = contracted objective point (COP)
- 126.85 = COP
- 126.37 = objective point (OP)



Overbought/Oversold

The bigger wave is now moving downside, so it is recommended to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (20-35 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Elliott wave count for March 15, 2012


USD/CAD Elliott Wave
Yesterday during the European session we could observe the ascending movement towards the 1.0050 level. We can consider this movement as the end of the 1 wave (coloured blue) of the bigger (3) wave (coloured green). Therefore during the New York session the USD/CAD pair start pushing lower towards the 1.0012 level (100 EMA support). Having tested this level the USD/CAD pair pushed slightly higher and we could observe the price back at 1.0040. Today during the Asian session we could observe the continuation of the bearish mood and price touching 0.9993 level. We can consider this move as the end of the wave 2 (coloured blue). Presently we are in the 3 impulsive wave (coloured blue). In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9953-1.0050-0.9993) with Take Profit 1 at 1.0128 (161.8% of wave 1) and Take Profit 2 at 1.0165 (200% of wave 1). The Invalidation point at 0.9954 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S Core CPI m/m, Core Retail Sales m/m, Retail Sales m/m, CPI m/m, Empire State Manufacturing Index, TIC Long-Term Purchases and Business Inventories m/m that can affect the rate of the pair.

Support and Resistance levels
(S3) 0.9964 (S2) 0.9987 (S1) 1.0002 (PP) 1.0026 (R1) 1.0049 (R2) 1.0064 (R3) 1.0088

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1.0020 with Stop Loss at 0.9954, Take Profit 1 at 1.0128 and Take Profit 2 at 1.0165 are recommended.

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

AUD/USD Elliott wave count and Fibonacci levels for March 15, 2011

The AUD/USD pair is developing an impulse wave A (light green in the chart) of the medium term downtrend comprising four subwaves (magenta in the chart) and a potential corrective subwave 4 developing from 1.0944.

Presently the immediate resistances are Fibonacci retracements of 1.0219-0.9944, 1.0142-0.9944.

Resistances:

- 1.0020 = .382 retracement
- 1.0043-49 = confluence area of .50 and .382 retracements
- 1.0066 = .618 ret
- 1.0082 = .50 ret

If the downtrend resumes, the immediate supports will be Fibonacci expansions of 1.0473-1.0110-1.0219, 1.0219-1.0020-1.0142.

Supports:

- 0.9943 = objective point (OP)
- 0.9856 = OP
- 0.9820 = expanded objective point (XOP)


Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (current prices as well); consider the possibilities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

AUD/USD Elliott wave count and Fibonacci levels for March 17, 2011

AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are five subwaves (magenta in the chart), and potential subwave A of ABC corrective cycle is developing from 0.9870.

Now the immediate resistances are Fibonacci retracements of 1.0219-0.9870, and expansions off 0.9870-0.9967-0.9898.

Resistances:

- 0.9995-1.0003 = confluence area of objective point (OP) and .382 retracement
- 1.0045 = .50 ret
- 1.0055 = expanded objective point (XOP)
- 1.0086 = .618 ret

The targets below are Fibonacci expansions off 1.0473-1.0110-1.0219, 1.0219-1.0020-1.0142, 1.0142-0.9944-1.0014, 1.0014-0.9870-0.9968.

Supports:

- 0.9856 = OP
- 0.9823-20-16 = confluence area of XOP and two OP's
- 0.9798 = XOP


Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (10-20 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.
Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Elliott wave count for March 17, 2012


USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards. During the Asian session we could observe ascending movement towards the 1.0130 level, where this major pair found resistance and started pushing lower in a European session. During the early New York session USD/CAD found support a few pips above 50EMA, and we could observe an upward move towards 1.0131 (new daily high). Today during the Asian session we could observe slight correction of this currency pair to the 1.0105 level. I expect to see price above 1.0180 for the end of the 3 wave (coloured blue). In accordance with our wave rules and taking into account that the wave 3 retraces 200% of the wave 1, we can define the potential targets with Fibonacci extensions (0.9953-1.0050-0.9990) with Take Profit 1 at 1.0179 (200% of wave 1). The support level at the 1.0105 level can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S. Unemployment Claims, Treasury Sec Geithner Speech, Philly Fed Manufacturing Index and CAD Foreign Securities Purchases, Wholesale Sales m/m, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0023 (S2) 1.0053 (S1) 1.0072 (PP) 1.0102 (R1) 1.0132 (R2) 1.0151 (R3) 1.0181

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1.0140 with Stop Loss at 1.0105 and Take Profit at 1.0180
Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
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GBP/JPY Elliott wave count and Fibonacci levels for March 17, 2011

GBP/JPY is developing impulse wave C of medium term downtrend from 129.32 (light green in the chart). Within this wave we have three subwaves (red in the chart), and impulse subwave C is developing from 128.71.

The immediate supports are Fibonacci expansions off 131.75-127.76-129.32, 129.32-127.97-128.71, 128.71-127.63-128.33.

Supports:

- 127.36 = objective point (OP)
- 127.25 = OP
- 126.85 = contracted objective point (COP)
- 126.58 = expanded objective point (XOP)
- 126.53 = XOP

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 127.71 - this wave is not developed yet, so no resistances are available so far.



Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (10-15 pips above the current prices) or into the overbought area (25-35 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

GBP/JPY Elliott wave count and Fibonacci levels for March 18, 2011

GBP/JPY is developing impulse wave C of medium term downtrend from 129.32 (light green in the chart). Within this wave we have three subwaves (red in the chart), and impulse subwave C is developing from 128.71. The latter also has its subwaves (orange red in the chart), and impulse subwave C is developing from 128.33.

The immediate supports are Fibonacci expansions off 131.75-127.76-129.32.

Supports:

- 122.86 = expanded objective point (XOP)

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 128.33 - this wave is not developed yet, so no resistances are available so far.



Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (25-30 pips above the current prices) or into the overbought area (40-50 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Elliott wave count for March 18, 2012


USD/CAD Elliott Wave
Yesterday the USD/CAD pair was trading upwards developing last 5 wave of the bigger 3 wave (coloured blue). During the European session we could observe ascending move toward the 1.0156 level. Therefore, during the New York session USD/CAD continued trading in a bullish mood reaching a new daily high at the 1.0195 level. Today during the Asian session we could observe one more push higher where the USD/CAD pair reached 1.0226. We can consider this move as the end of 3 wave (coloured blue) of the bigger (3) wave (coloured green). Presently we are at the start of the corrective 4 wave. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0226) with Take Profit 1 at 1.0108 (50% of wave 3) and Take Profit 2 at 1.0080 (61.8% of wave 3). The resistance level at 1.0225 can be used as Stop Loss. Also it is necessary to consider the data concerning the CAD Core CPI m/m, CPI m/m and USD Treasury Currency Report, G8 Meetings, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0073 (S2) 1.0107 (S1) 1.0129 (PP) 1.0164 (R1) 1.0198 (R2) 1.0220 (R3) 1.0255

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.0165 with Stop Loss at 1.0225, Take Profit 1 at 1.0108 and Take Profit 2 at 1.0080 are recommended

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

AUD/USD Elliott wave count and Fibonacci levels for March 18, 2011

AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are five subwaves (magenta in the chart), and impulse subwave 5 is developing from 0.9967.

The targets below the current price are Fibonacci expansions off 1.0473-1.0110-1.0219, 1.0219-0.9870-0.9967, 0.9967-0.9895-0.9957.

Supports:

- 0.9769 = super expanded objective point (SXOP)
- 0.9751 = contracted objective point (COP)

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 0.9967 (the 5th wave) - this wave is not developed yet, so no resistances are available so far.



Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (35-40 pips above the current prices) or into the overbought area (55-65 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

GBP/JPY Elliott wave count and Fibonacci levels for March 22, 2011

GBP/JPY is developing impulse wave C of medium term downtrend from 129.32 (light green in the chart). Within this wave we have four subwaves (red in the chart), and potential corrective subwave 4 is developing from 124.59. The latter also has its subwaves (orange red in the chart), and potential corrective subwave B is developing from 127.56.

Now the resistances are Fibonacci retracements of 128.71-124.59, and expansions off 124.59-125.76-125.02.

Resistances:

- 125.74 = contracted objective point (COP)
- 126.16-19 = confluence area of .382 retracement and objective point (OP)
- 126.65 = .50 ret

The immediate supports are Fibonacci expansions off 131.75-127.76-129.32, 128.71-124.59-125.76.

Supports:

- 123.21 = contracted objective point (COP)
- 122.86 = expanded objective point (XOP)



Overbought/Oversold

The bigger wave is now moving down, so it's preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (15-20 pips above the current prices). Watch for opportunities to go short at or near the indicated resistances.

Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

AUD/USD Elliott wave count and Fibonacci levels for March 22, 2011

AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are five subwaves (magenta in the chart), and impulse subwave 5 is developing from 0.9967. The latter contrains subwaves A and B (red in the chart), and subwave B is still developing from 0.9795. However the upmove from 0.9795 to 0.9967 can terminate subwave 5 and the whole downwave from 1.0473.

The immediate resistances are Fibonacci retracements of 1.0473-0.9795, and expansions off 0.9795-0.9883-0.9803, 0.9803-0.9876-0.9814, 0.9814-0.9920-0.9892.

Resistances:

- 0.9932 = expanded objective point (XOP)
- 0.9945 = XOP
- 0.9958 = contracted objective point (COP)
- 0.9998 = objective point (OP)
- 1.0005 = super expanded objective point (SXOP)

If the price resumes the downtrend the targets below will be Fibonacci expansions off 1.0473-1.0110-1.0219, 1.0219-0.9870-0.9967.

Supports:

- 0.9751 = COP



Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (10-25 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.


Performed by Roman Molodiashin, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com

USD/CAD Elliott wave count for March 22, 2012


USD/CAD Elliott Wave
The USD/CAD pair was trading in a downward move yesterday. During the European session we could observe ascending move toward the 1.0225 level. Therefore during the early New York session we could observe continuation of the bullish mood and price reached 1.0245 level (daily high).The USD/CAD pair did not manage to hold at this level and price started pushing lower in the second half of the NY session. Today during the Asian session price reached new 2 days low at 1.0155 level (100EMA support). Presently we are in the corrective 4 wave and I expect to see price under 1.0110 level today. In accordance with our wave rules and taking into account that the wave 4 retraces 61.8% of the wave 3, we can define the potential targets with Fibonacci retracements (1.0053-1.0245) with Take Profit 1 at 1.0117 (50% of wave 3) and Take Profit 2 at 1.0087 (61.8% of wave 3). The resistance level at 1.0200 can be used as Stop Loss. Also it is necessary to consider the data concerning the U.S Existing Home Sales that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0113 (S2) 1.0144 (S1) 1.0163 (PP) 1.0194 (R1) 1.0225 (R2) 1.0244 (R3) 1.0275

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.1165 with Stop Loss at 1.0200, Take Profit 1 at 1.0117 and Take Profit 2 at 1.0087 are recommended

Performed by Nicola Delic, Analytical expert
InstaForex Companies Group © 2007-2012
More analysis - at instaforex.com