Forex Daily Podcast - Wednesday, February 1

It looks like the correction is continuing on the EUR. We should have a final impulsive move up from at or near these levels targeting 1.2220 or slightly above. At that point look for a trade down. The EUR currently trades at 1.2093 The GBP likewise should continue up at or near these levels targeting 1.7860. At completion look for a trade down. We wouldn't think the 1.7933 high will be broken. If so, we'll have to reexamine our outlook. The GBP currently trades at 1.7785 The CHF should move lower targeting the 1.2723 level at completion of this lower move look for a trade up. The CHF currently trades at 1.2844 The JPY should not get much higher than it is now before making one final move lower targeting 116.41. We are trading this move down and looking for a trade up at completion. The JPY currently trades at 117.85 The CAD should move a bit higher targeting the 1.1470 level before continuing lower towards 1.1300 and below. The CAD currently trades at 1.1408 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