DanV
Long

EURGBP - Longer Term Bullish

FX:EURGBP   Euro Fx/British Pound
568 5 1
After having moved of the in 5 waves up from 2012 low, we now seems to have abc correction which could well be complete. In this chart I note that the Volume also seems to be supporting potential bottom is in and we are in very early stage of new uptrend which AB=CD measured move could project the price to around 0.94 area, http://www.screencast.com/t/vidpBjXVyHGX .
It want get there in straight line as we all know, but could be very profitable with relatively small risk. Could drop down to smaller time frame to ensure the risk is manageable on pull back. on a very longer term I think we are potentially in Final leg of ABCDE rising wedge which could be an ending diagonal but will get more price action to help use see the likely outcome. For now Bullish bias appears to be the right one.
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BitHermes
3 years ago
There is even a simpler way to see this, as a flag, with target far above 0.89
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BitHermes
3 years ago
Here is detail
EURGBP could aim for double breakout
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DanV MOD BitHermes
3 years ago
Yes, quite agree. Though from flag perspective, I would think that it is too big both in price and specially in time. But I see what you mean. Thanks
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sunny
3 years ago
Shouldn't the cable be syringe than euro fundamentally? Uk data has been better and euro is susceptible to various risks. I appreciate technicals but what do you think about my reasoning?
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DanV MOD sunny
3 years ago
I agree recently, the data seems to have supported GBP, hence the decline in EURGBP, but that has only had this pair retrace the move higher from 21012 low. Also, it is interesting that EUR whilst appear weak or might have other factors suggesting why it should be weak, it has not corrected as much as DXY bouncing, hence there is relative strength demonstrated for whatever the reason. Fundamentals do not always line up. My overall feeling is that due to all negatives that could be recited, the EUR has been been gradually moving up. Could there be element of short squeeze? I cannot say, So for now I would keep the fundamental in the background as it does not help clear the picture. But you could be right and it might exert pressure in price action over longer term.
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