I was interested to read David Alcindors latest "Wolfe Case sees 1.2669 which chimes with my view of 1.2670 marked by a red line on my chart. The Fib circle contains the impulse from July 2012 until May 2014 and the fib levels associated with it. The tangents are marked with red dashed lines giving us possible levels and dates according to whichever path the euro
chooses to take. The long view is obviously short but there are retrace possibilities to any of the higher levels on this chart. I think there are strong possibilities of seeing both 1.30 and 1.28 in the near future, particularly as eurgbp
is attempting to reach .8100 - The Scottish referendum provides a perfect opportunity to do this sometime this week regardless of the final result. This suggests some considerable volatility
and any unexpected short term dollar weakness seized upon, and as the British prime minister Harold Wilson (possibly misquoted but nevertheless) remarked - "a week is a long time in politics". As a side note on the eurgbp
- that sentiment is particularly relevant to the upcoming week for all sorts of reasons! This is especially not a time to take any view on the referendum outcome as the polls are so close that no one can reasonably predict it.