Feb 21 00:56 GMT


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Trade Idea: EUR/GBP - Sell at 0.8635 Print E-mail
Elliott Wave Daily | Written by Action Forex | Feb 17 17 14:49 GMT
EUR/GBP - 0.8571

Recent wave: Major double three (A)-(B)-(C)-(X)-(A)-(B)-(C) is unfolding and 2nd (A) has possibly ended at 0.6936.

Trend: Near term up

Original strategy  :

Sell at 0.8580, Target: 0.8460, Stop: 0.8620

Position : -

Target :  -

Stop : -

New strategy  :

Sell at 0.8635, Target: 0.8520, Stop: 0.8675

Position : -

Target :  -

Stop : -

As the single currency has rebounded again after finding support at 0.8519, suggesting near term upside risk remains for the rebound from 0.8456 to extend gain to 0.8600, however, as outlook remains consolidative, reckon upside would be limited to resistance at 0.8646 and bring retreat later, below said support at 0.8519 would bring weakness to 0.8487 but break there is needed to signal the rebound from 0.8456 has ended, bring retest of this level later. Looking head, below said support at 0.8456 would extend recent decline from 0.8857 towards 0.8400-10 which is likely to hold from here.

In view of this, we are looking to sell euro on further recovery as 0.8646 resistance should limit upside. A firm break above this level would extend the erratic rise from 0.8456 for retracement of recent fall to previous resistance at 0.8708 which is likely to hold from here.

Our preferred count is that, after forming a major top at 0.9805 (wave V), (A)-(B)-(C) correction is unfolding with (A) leg ended at 0.8400 (A: 0.8637, B: 0.9491 and 5-waver C ended at 0.8400. Wave (B) has ended at 0.9413 and impulsive wave (C) has either ended at 0.8067 or may extend one more fall to 0.8000 before prospect of another rally. Current breach of indicated resistance at 0.9043 confirms our view that the (C) leg has ended and bring stronger rebound towards 0.9150/54, then towards 0.9240/50.


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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
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