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Thread: EURGBP Elliott Wave Count for Jan. 24

  1. #1
    Pips Are My Game
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    Thumbs up EURGBP Elliott Wave Count for Jan. 24

    Hi, María here. I am glad to share the daily analysis of the EURGBP hope it will help you trade better.

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    EUR/GBP has started with a bullish mood this week, yesterday we saw this major pair pushing 100 pips higher before this currency has found resistance at 0.8376 and started pushing 20 pips lower to 0.8353, where EURGBP finished the first trading day. Today we saw price braking yesterday’s high and reaching 0.8389. All the news released this morning were favourable for the euro, so we can expect continuation of an uptrend, but we need to see news for the GBP Public Sector Net Borrowing before we make the final decision.

    Support and Resistance

    (S3)0.8238 (S2)0.8275 (S1)0.8298 (PP)0.8336 (R1)0.8373 (R2)0.8396 (R3)0.8434

    Important News

    (EUR) French Flash Manufacturing PMI

    (EUR) French Flash Services PMI

    (EUR) German Flash Manufacturing PMI

    (EUR) German Flash Services PMI

    (EUR) Flash Manufacturing PMI

    (EUR) Flash Services PMI

    (EUR) ECOFIN Meetings

    (GBP) Public Sector Net Borrowing

    (EUR) Industrial New Orders m/m

    (EUR) Belgium NBB Business Climate

    (GBP) BOE Gov King Speaks

    Elliott Wave Analysis for EUR/GBP

    EUR/GBP finishes 5 wave of a bigger A wave at 0.8390. According to our wave rules and assuming that 3 sub-waves of wave B will retrace around 50% of wave A, we can project our target points for the Wave B with our Fibonacci retracement (0.8275-0.8390) to 0.8332.

    Trading Forecast

    Based on Elliott Wave Rules we can expect the trend to go lower today. That is why we can come to a conclusion that we should open a SHORT position at 0.8376 with Stop Loss at 0.8390 and Take Profit at 0.8332

    Have a great day!


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  2. #2
    Pips Are My Game
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    Default Re: EURGBP Elliott Wave Count for Jan. 24

    Daily Pivots: (S1) 0.8319; (P) 0.8343; (R1) 0.837

    EUR/GBP recovers again as consolidation from 0.8221 continues and outlook remains unchanged. Upside of the consolidation is expected to be limited by 38.2% retracement of 0.8830 to 0.8221 at 0.8454 and bring fall resumption eventually.

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