💶💷EUR/GBP Continued declines.
💶💷This time it's time for the EUR/GBP pair.
💶💷Over a while has passed since my last post on this one. Enough time for the sellers to attack again.
💶💷That's just like my bearish attitude.
💶💷I will briefly outline the fundamental situation of both currencies.
💶Beginning with the Euro:
💶Looking at economic growth in the Eurozone we are at levels of 2.1% This is quite average looking at the past.
💶 Unemployment in the Eurozone is falling the latest readings on 3 November showed us falling to levels of 6.6% compared to last year's reading of 6.7%.
💶 Ahead of us next week, on 17 November to be exact, are the readings on inflation, which stood at 10.7% on 31 October. The market is betting on inflation slowing down. In the coming months. Which may reduce the push for the next interest rate hike.
💶 Eurozone interest rates were raised by 75 basis points at the last counci meeting on 27 October to levels of 2%.
💷Now what is the situation in the UK:
💷 UK economic growth also slows is currently 2.4%.
💷We will find out about unemployment tomorrow 15 November. We are currently at 3.5%. The market is not entirely convinced whether we will maintain this level or increase.
tradingeconomics.com...om/unemployment-rate
💷Inflation continues to rise we have 10.1% so far but the market expects a further rise, which may prompt the monetary policy council to remain mostly hawkish.
💷 Rates were raised to 3% on 3 November and so far there is no sign of us slowing down in the near future.
💷I would also like to add that a few weeks ago the Central Bank of England announced unlimited asset purchases which may influence the strengthening of the pound.
💶💷We see that the situation supports the upside scenario on the pound.
💶💷Transforming to the chart I will outline all the tools used in turn:
💶💷1 I have plotted a downward channel from peak to low. As we can see the price was in this channel for a long period of time and then the breakout occurred.
💶💷2. I determined the upward channel of the current upward correction. From which we broke out to the bottom and have now returned to the edge again.
💶💷2 I then measured the wave from peak to bottom using the fibo.
💶💷3. I determined the fibo wave from bottom to top to find future support zones.
💶💷4. I measured using the fibo grid the last downward wave of the current upward impulse.
💶💷4. I measured the largest downward wave in the downtrend and set a correction level of 1:1
💶💷5 I determined 3 support lines.
(1). Around the 0.618 level of the wave of the current uptrend.
(2). The zone at the last low plus is the 0.618 level of the largest downward wave.
(3). The cluster of the 1.618 level of the current upward impulse plus the 1:1 level of the largest downward wave.
💶💷6. I have determined 2 resistance zones.
(1). Based on the 0.236 level of the current uptrend, we can see that this has also been a vulnerable area in the past.
(2). Based on the 0.382 level of the entire downward wave, also the price has respected this price level in the past. Currently, this resistance represents the top of the current impulse.
💶💷The scenario I am playing out is a gradual continuation of the weakening of the euro against the pound with minor corrections along the way. We are currently at an intervening price point.
💶💷*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
💶💷This time it's time for the EUR/GBP pair.
💶💷Over a while has passed since my last post on this one. Enough time for the sellers to attack again.
💶💷That's just like my bearish attitude.
💶💷I will briefly outline the fundamental situation of both currencies.
💶Beginning with the Euro:
💶Looking at economic growth in the Eurozone we are at levels of 2.1% This is quite average looking at the past.
💶 Unemployment in the Eurozone is falling the latest readings on 3 November showed us falling to levels of 6.6% compared to last year's reading of 6.7%.
💶 Ahead of us next week, on 17 November to be exact, are the readings on inflation, which stood at 10.7% on 31 October. The market is betting on inflation slowing down. In the coming months. Which may reduce the push for the next interest rate hike.
💶 Eurozone interest rates were raised by 75 basis points at the last counci meeting on 27 October to levels of 2%.
💷Now what is the situation in the UK:
💷 UK economic growth also slows is currently 2.4%.
💷We will find out about unemployment tomorrow 15 November. We are currently at 3.5%. The market is not entirely convinced whether we will maintain this level or increase.
tradingeconomics.com...om/unemployment-rate
💷Inflation continues to rise we have 10.1% so far but the market expects a further rise, which may prompt the monetary policy council to remain mostly hawkish.
💷 Rates were raised to 3% on 3 November and so far there is no sign of us slowing down in the near future.
💷I would also like to add that a few weeks ago the Central Bank of England announced unlimited asset purchases which may influence the strengthening of the pound.
💶💷We see that the situation supports the upside scenario on the pound.
💶💷Transforming to the chart I will outline all the tools used in turn:
💶💷1 I have plotted a downward channel from peak to low. As we can see the price was in this channel for a long period of time and then the breakout occurred.
💶💷2. I determined the upward channel of the current upward correction. From which we broke out to the bottom and have now returned to the edge again.
💶💷2 I then measured the wave from peak to bottom using the fibo.
💶💷3. I determined the fibo wave from bottom to top to find future support zones.
💶💷4. I measured using the fibo grid the last downward wave of the current upward impulse.
💶💷4. I measured the largest downward wave in the downtrend and set a correction level of 1:1
💶💷5 I determined 3 support lines.
(1). Around the 0.618 level of the wave of the current uptrend.
(2). The zone at the last low plus is the 0.618 level of the largest downward wave.
(3). The cluster of the 1.618 level of the current upward impulse plus the 1:1 level of the largest downward wave.
💶💷6. I have determined 2 resistance zones.
(1). Based on the 0.236 level of the current uptrend, we can see that this has also been a vulnerable area in the past.
(2). Based on the 0.382 level of the entire downward wave, also the price has respected this price level in the past. Currently, this resistance represents the top of the current impulse.
💶💷The scenario I am playing out is a gradual continuation of the weakening of the euro against the pound with minor corrections along the way. We are currently at an intervening price point.
💶💷*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Comment:
However, we attacked the second resistance, followed by a price turnaround
Trade closed: target reached:
Easy, update soon
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 www.t.me/Investmatez 💲
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