Eurusd elwave took off early

Eurusd moon cycle end in 4th Wave 24/08/2012 between 0.800 and 16.00 hrs

Above is the 4hr Time frame as we mix and match skills and adapt to market conditions

comments from Forexpros - The euro firmed against the dollar on Wednesday after a new media report surfaced stating the European Central Bank is drafting technical plans to buy sovereign bonds issued by debt-ridden periphery countries to lower borrowing costs there and ease the debt crisis.

In Asian trading on Wednesday, EUR/USD was trading up 0.01% at 1.2473, up from a low of 1.2471 and off from a high of 1.2477.

The pair was likely to find support at 1.2347, the low from Aug. 21, and resistance at 1.2488, the high from Aug. 21.

Der Spiegel reported over the weekend that the European Central Bank may decide to cap yields in eurozone sovereign debt markets at its September policy meeting.

The ECB would carry out such a policy via buying sovereign bonds in the open market, though bank officials branded the news report as misleading, which sent the euro falling earlier this week.

However, The Daily Telegraph later said the report was true, which sent the dollar falling and the euro shooting up as high as 1% in U.S. trading earlier.

Renewed talk of ECB action sent Spanish borrowing costs falling at an auction of short-term government debt earlier, with Madrid successfully auctioning EUR4.5 billion of bills, the top end of the target range.

Elsewhere, Luxemburg’s Prime Minister Jean-Claude Juncker, also head of a group of eurozone finance ministers, was set to meet with Greek Prime Minister Antonis Samaras later Wednesday to discuss a two-year extension Greece's reform programs.

German Chancellor Angela Merkel is scheduled to meet with French President Francois Hollande on Thursday to discuss ways to firewall and extinguish the crisis, while Samaras will meet both leaders later in the week, fueling hopes E.U. policymakers will work to keep Greece in the eurozone.