EUR/GBP: Push Lower Toward 0.7217-0.7193 Expected
Elliott Wave Forecast | Apr 08, 2015 08:14PM ET
EUR/GBP
Preferred view suggests pair is in a double three or ((w))-((x))-((y)) Elliott wave structure down from 0.7384 peak when dip to 0.7223 completed wave ((w)) and wave ((x)) ended at 0.7380 with a full test of 0.7384 peak. Wave (w) of ((y)) ended at 0.7285 and recovery to 0.7315 was wave (x). Pair is now trading lower in wave (y) of ((y)) which is expected to unfold in 3 swings and while below 0.7315, we expect to see another push lower toward 0.7217 – 0.7193 area to complete a ((w))-((x))-((y)) Elliott wave cycle from 0.7384 peak. Above area is expected to produce a bounce in 3 waves at least.
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