Tuesday, October 11, 2016

Elliott wave analysis of EUR/GBP - Headed for 1.1049

EUR/GBP - Monthly 

EUR/GBP - Weekly 

EUR/GBP - Daily 

EUR/GBP - 4 Hourly 

EUR/GBP - Headed for 1.1049 

EUR/GBP has been trading within a rising channel since late 1995. An important low was found in May 2000 with the test of 0.5683. The rally of the 0.5683 low to December 2008 high at 0.9803 was in five waves, while the decline from 0.9803 into the July 2015 low of 0.6933 was in three waves.
This calls for a continuation higher in the months ahead, with the next major upside target to look for seen at 1.1049. At 1.1049 the rally from 0.6933 will be equal in length to the 2000 – 2008 rally from 0.5683 – 0.9803.

Short term, I’m looking for a little more sideways consolidation in wave (iv) before the next impulsive rally higher to the ideal target in the 0.9401 – 0.9410 area to complete wave (v) and [3].
After a correction in wave [4] towards 0.9000 the next impulsive rally higher towards 0.9835 and the ideal long term target near 1.1049 will be expected. 

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