Daily Outlook 16.01.2008 by Dimo Dimov

Today’s movement made the situation clearer and I think that the bests count for the current movement is a flat correction started from 1.9480. If this is the case, the current rise should be wave C of it. It should make a high above 1.9740. I should note that in a case of a new high, there could be a new fall so the situation after an eventual high above 1.9740 could become very complex. A key support is 1.9642 so I move the stop loss of the today’s long position just below it.

Trading strategy: 09:38 EST; 14:38 GMT

Long position from 1.9605, move the stop loss from 1.9520 to 1.9640, target – 1.9760

Confidence level – changed from low to high

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.