An overview of the
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Hello everyone and welcome back. We hope you all had a good trading day last week Friday.
We’re going to skip the EUR/USD today and pull the EUR/GBP. Thanks to Sanio and Constantin for submitting in their comments so I’ll post the analysis today.
The overall trend appears to still be very bullish. The question is: What is the shorter time frame analysis?
Although the overall trend is up, take a look at our 1 hour chart. We recently saw a top at .9300 and then retraced down to what appears to complete Wave A. We then moved up in a potential Wave B.
So, if this is correct, then look for a short term (sell) target of .9084 - .8860 (Wave C). We know this is a broad range but we’ll be able to analyze further as the market progresses.
However, keep in mind the overall trend is up so a break of .9300 will mean a continuation of the uptrend.
So, if you’re long the EUR/GBP, depending on your own analysis and money management, be sure to protect some pips. If you’re not in this market yet, then conduct your own analysis and make your own decision about entering this market now or continue to wait.
This shorter term analysis seems to collaborate with the daily chart as it appears we’re in a Wave 3 up heading into a Wave 4.
We hope this helps you with your own analysis of the EUR/GBP and good luck with trading. We’ll see everyone again shortly.
Cheers.
Thank you Ross.
What is the chance for this pair progress to 0.948 zone when the gold may reach $1100?
[...] The EUR/GBP seemed to be a currency of interest so let’s head back to that particular pair and see what has unfolded thus far. You can refer to our post on this pair from October 6 here. [...]