Forex Daily Podcast - Thursday, January 26, 2006

We have a short podcast today as we are on the road. There are 2 likely interpretations of the latest move in the EUR. 1st the correction from the Sunday night move is complete, which means the EUR should trade up immediately from the current levels to the 1.2350 or above level. This is our preferred view. The alternative is the move up is complete at 1.2320 and the move from yesterday is the start of a new run down on the EUR. If the EUR breaks the overnight low of 1.2234 this alternative may come into play. The GBP should follow this forecast of the EUR and the CHF should move opposite. The EUR currently trades at 1.2241. The GBP currently trades at 1.7848. The CHF currently trades at 1.2652. The JPY currently trades at 115.91 The CAD currently trades at 1.1510. 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