EURGBP might correct soon

posted by genuinelyFX at 11/11/2015 - 18:09 GMT

 

Euro has dropped against the pound for almost a month now, reversing from 0.7493. Right now there is an impulsive move which could see a correction from 0.70 area.

©genuinelyFX_2015.11.11_eurgbp_h4_elliott
EURGBP H4 data

 

We had a similar move in April 2014, and we expect the price to do the same from 0.70 support area.

©genuinelyFX_2015.11.11_eurgbp_hourly_analogy
EURGBP hourly data/Apr 2014 analogy

 

 

On a daily basis, we see price ranging between 0.75-0.70. A correction could start from this lows.

©genuinelyFX_2015.11.11_eurgbp_daily
EURGBP daily data

 

Weekly, the chart downtrends inside a channel starting from 2008. Even though price touched the lower band, we can still see a move lower long term, possibly to pre-2007 lows around 0.66 area

©genuinelyFX_2015.11.11_eurgbp_weekly_channel
EURGBP weekly data

Right now, the trend is down. Every bounce could be limited. Trade safe!

~genuinelyFX

 

 

 

 

 

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