EURGBP - Low Could Be In for Bullish Cycle To Develop- Updated
I will limit my detailed explanation on this updated chart as they all stand as per my last chart published with link below, please refer to that for the background.
In this chart the overall perspective has not changed except we have experienced deeper decline. However with the additional price data I have adjusted my wave counts to fit with possible low I think could form today with ECB event later today.
Therefore, based on my interpretation of available price data it seem we could have high probability of low forming today with spike in to 0.7550-0.7500 may be little lower as it will likely be very volatile. Please see update snapshot of Daily chart for details of adjusted counts. Also note that EURCAD appear to have had false breakdown.
Best way to attempt an entry is to layer overall maximum position in to 3rd and have then placed as limit order place at 0.7550, 0.7525, 0.7500 with relative wide stop as to not be shaken out.
This last spike low I am anticipating will be wave 5 of v.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
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