Forex Daily Podcast - Friday, January 6

We are still expecting The EUR to fall to the 1.2050-1.1900 level before continuing back up to 1.2150-1.2500, Ideally near 1.2350. It may not go as low as initially hoped before turning back up. An updated diagram has been posted for the EUR so you can see how the progress of this move aligns very well with our initial projections. The EUR currently trades at 1.2092. The GBP should run down to the 1.7480-1.7320 level target is 1.7440. before running up to the 1.7800-1.8450 levels The GBP currently trades at 1.7547. The CHF should correct up to the 1.2850 level or above before moving down to the 1.2750-1.2550 level. The CHF currently trades at 1.2780. The JPY has moved sideways yesterday as shown in the flat scenario posted on the web site. We are still looking for one final move up before continuing lower. The JPY currently trades at 116.18 Should have gone with our gut on the CAD yesterday, we certainly missed a nice move up. I hope some of you caught it. It was simply a case of overanalyzing the market. I point that out because it's a natural occurance some times. Just need to learn from it and move on. They'll be plenty more good trades ahead. We think the CAD should pull back here in a 3 wave move before continuing upward. A new diagram of this scenario was posted on the web site yesterday. The CAD currently trades at 1.1656. Forex Currency trading is very risky, please read the disclaimer on our web site. Visit us on the web at www.elliottexchange.com or at forex.podomatic.com. Good Luck and Good Trading