EURGBP: Elliott Wave Analysis

EURGBP has eroded the short term downtrend at .7791 and its 55 day ma. This has been enough to negate the head and shoulders top. Nonetheless it is approaching tough resistance at .7905 (61.8% retracement up to .7945 the high from the beginning of May and we suspect that it will struggle (Forex Prediction).

Forex Prediction

Wait For Pullback | Forex Prediction

The resistance area between 0.7894 and 0.7920 turned out to be a challenge for the bulls after the pair had moved higher by more than 3% in 5 days. Daily Stochastics oscillator is about to give a bearish signal and price itself is rolling over in the 60 min time frame. If the current 4h candle closes (< 60 min to go) below 0.7885 a bearish shooting star candle is created. This adds to my view that price is probably turning lower.

Wait For Pullback | Forex Prediction

ABC Pattern. The Meeting Of The Moving Average

I’m looking for sell signals inside my Sell Area between 0.7870 and 0.7900 while my Target 1 for the this trade is at 0.7786 – 0.7800 bracket and my Target 2 at 0.7690 – 0.7720. If you don’t know how to trade I strongly advise you to join our educational webinars before attempting to utilize our analysis or trade on your own.

 Forex Prediction

EURGBP Struggles At 0.79 | Forex Prediction

Pound sold-off as latest ‘Brexit’ polls suggests rising possibilities of the UK voting to leave the EU on June 23 EU referendum. EURGBP saw a gap up open and extended upside to hit session highs a four-week high of 0.7905. Pair was however rejected at highs, slips below 0.78 handle to currently trade around 0.7885 levels. Momentum studies are bullish, RSI, Stochastics and MACD indicate upside. 0.7906 is stiff resistance which is 61.8% Fib retrace of 0.8116 (Apr 7th high) to 0.7564 (May 25th low). Break above finds next hurdles at 0.7927 (weekly 200 MA), 0.7947 (double top May 4th and Apr 24th) and then 0.80 (78.6% Fib). On the downside, pair remains well supported above 50-DMA 0.7844 and 50% Fib at 0.7839. Go long on decisive break above 0.79, SL: 0.7840, TP: 0.7945/0.80

 Forex Prediction

EURGBP Short 4H

On the immediate downside, 50-day SMA near 0.7850-45 region now turns immediate support, below which the pair could drop back to 0.7825 support region. On the flip side, momentum above 0.7900 handle resistance is likely to get extended further towards 0.7925-30 resistance zone.

 Forex Prediction

Bearish Cypher On Daily

Hello traders, this morning I caught this cypher pattern on EURGBP daily timeframe..IF the price can get to the 786 retracements of X-C leg, THEN we can enter a short at 0.7998..stop loss must be above X..targets as shown on the chart..good luck :) By the way, this just a reminder to all traders..dont simply follow the other traders ideas blindly if its not fits your trading rules of engagements..just trade what you have on your trading plan..thats be better. With only the scheduled release of German factory orders data for the month of April, in otherwise a quiet economic docket, the EUR/GBP cross would continue to be driven by sentiment surrounding the EU referendum.

Forex Prediction

The continued sell-off in the cable provides extra legs to the upside in EURGBP, now keeping the cross in close vicinity of 0.79 handle.

NO COMMENTS

LEAVE A REPLY