Euro And S&p 500 Important Levels
One of the strongest currencies for the past few days was Canadian dollar
. We however still believe that a higher Usd/Cad will be seen, but the pair may reach even 1.0240 region before the trend reverses. But once this occurs a fall on Eur/Usd and Gbp/Usd should be significant.In start of this week the bullish sentiment will likely remain on stocks, which is involved already since the better than expected GDP data for Australia and good manufacturing numbers came out of China in the past week. Technically the S&P 500 rallied significantly higher from an important 1040 level, and it seems that 1030 could be tested this week, where a failure break should be seen from an Elliott Wave perspective. We are talking about a possible complex corrective structure, W-X-Y pattern that still may be unfolding from 1010, black wave I low. If that will be the case, then we should look for a bounce lower from around 1140 area, where a 61.8% Fibonacci retracement level is shown.
If that would be the case, then we still should see more upside on Eur/Usd, with move towards the psychological 1.3000 region, where a previous bullish support line should react as a significant resistance, around 50-61.8% retracement level of a recent decline. In this region you will also see a falling trend line from December 2009 highs.
We are not saying that levels on S&P and Euro will be reached, all I just want to says that I will keep an eye on them if they occur in this week, for a possible Long Dollar move; of course if the intra-day wave count will also say so at that time .
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Members will also receive all 4 hour wave counts that are updated every day, before the European session gets underway plus the intra-day wave counts (less than 4 hour chart, such as 1 hour or 30 min chart) which are posted and updated during the European and U.S. trading sessions.
Our members and e-mail subscribers (free) will also receive an Elliott Wave Newsletter where we present our bias and anticipations for the next 24 hours for one or more selected currency pairs. This Elliott Wave Newsletter will cover the trading plan that will be based on the intra-market analysis and Elliott Wave patterns. A full detail of a potential trading signal will be sent on members e-mail only and NOT to free newsletter subscribers!
by: Grega Horvat