Forex Daily Podcast - Thursday, March 2, 2006

Yesterdays strong move down on the EUR likely indicates the start of a new move down. However, it has not yet travelled far enough to confirm that. If this move down has begun then the currency will not rise above yesterday's high. If the EUR does travel above yesterday's high then it should travel to about 1.2030 before reversing. If the EUR down move is starting it should travel below 1.1650. The GBP should move like the EUR and the CHF in the opposite direction. The EUR trades at 1.1930. The GBP trades at 1.7460 The CHF trades at 1.3110. The wave pattern on the JPY looks corrective, therefore we are expecting another move down on the JPY. The JPY trades at 116.25 The CAD trades at 1.1340 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