22 June 2009
H4 graph
The pair couldn't get any lower than support level 1.0780 and then went above level 1.0800 ("Y" trend line), what speaks about the pair's intention to test resistance level 1.0940 ("triangle" figure's higher bound). Next, the pair will rise above this level and get a growing target at level of intermediate resistance 1.1030 ("K" trend line; because the pair is being traded above the higher bound of "B-B+" daily downtrend). Level 1.0940 will become a support then. After getting over level 1.1030 the pair will get a growing target to key resistance levels 1.1145 - 1.1245. Currently support is at level 1.0800.
Daily graph
The pair had almost reached a very important support level 1.0750 (“Y” trend line); a correction from there to resistance level 1.1428 is supposed to happen. For this scenario to be developed, the pair needs to get over the “K” trend line and also over the “B-B+” trend’s higher bound.
Weekly graph
The pair had broken the lower bound of “C-C+” trend and also bounced off the “E+” trend line, what implies dropping to “Y” trend line (1.0750), updating the minimum 1.0366, and further dropping to “Q” trend line – level 1.0010 (the graph is obsolete, that’s why the price is 1.1560 and “Q” trend line is missing on it).
Monthly graph
Bouncing off the “E-E+” trend’s higher bound and also leaving the “C-C+” trend (weekly graph) imply that minimum 1.0366 is meant to be updated, and then the pair is going to drop to “Q” trend line – level 1.0010 / 1.1000. After this level is reached, the pair is supposed to grow to approx. 1.1300 (“E+” trend line) and if this line gets broken, the “Wolf wave” model will take effect. The growth above level 1.1300 will state the completion of the 5th wave and beginning of the 6th one with the target of growth set to level 1.3200.
ref:http://www.forexmillion.com
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