My projected target zone for EURGBP was 0.975-0.80 as posted in previous analyses.
However price is finding resistance and I expect either a new impulse lower breaking below 0.6935 (previous low on daily time frame) or at least a three wave correction with wave C in progress.
Therefore I like to see a bearish break followed by a consolidation on lower time frames.
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However price is finding resistance and I expect either a new impulse lower breaking below 0.6935 (previous low on daily time frame) or at least a three wave correction with wave C in progress.
Therefore I like to see a bearish break followed by a consolidation on lower time frames.
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We saw a consolidation on lower time frames, (I used 1 hr time frame). However I believe this bearish move is part of only 1 wave and there should be a more significant correction follow once this wave is over. Then I expect a third leg lower. But we see strong corrections across the market so I'll place stop at break even and see whether I'll stay in the short until we see a break below 0.765.
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