What ProAct Forex Target Traders See: We are currently sitting @ 1.2300 after decisively breaking through the R4 @ 1.2277. We are bullish and expect a bounce on the R4 for the %5 Target @ 1.2421. This would also complete a 1 and 2 wave and start the 3rd wave. The overall target is the resistance and R6 @ 1.2625-55 area. A breakdown will target a move back to the R3 @ 1.2188. The average daily true range (ATR) for the pair currently is 128 pips.
What ProAct Forex Target Traders See: We are currently @ 78.51 and we think a bottom has been put in on the pair – at least temporarily. We do not want to rule out a deeper move down to the S5! IF this bottom is just a bounce to get the corrective move underway to find sellers for the S5 target @ 76.86. Will look for that move at around the 0.382/S3 @ 79.19. The average daily true range (ATR) for the pair currently is 39 pips.
What ProAct Forex Target Traders See: Cable is currently @ 1.5723 and near the top of the trend and a day chart top @ 1.5780. Reality is that we are basically inside a large range so a break of the 1.5780 would indicate a move to the R6 @ 1.6001 area. A failure to break would indicate more ranging and a corrective move back to the 0.618/R3 area @ 1.5538. The average daily true range (ATR) for the pair currently is 124 pips.
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What ProAct Forex Target Traders See: We are currently @ 1.0473 and near the trend wall top. We did break through the high so we can anticipate a continuation to the R6 @ 1.0578 and the psychological 1.0600 number. We said this last week “ expect the 4thwave (corrective) to bottom out at the .500 fibo and then bounce back to the R5 @ 1.0476” . The average daily true range (ATR) for the pair currently is 112 pips.
CAUTION IS URGED - TRADE WITH STOPS!!!!!
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This is an opinion ONLY - and not a trade call, but a study that may lead you to a trade. I do not know whether this will transpire or not so use your own judgment.