fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/GBP Daily Outlook Mon Aug 19, 2013 8:32 am | |
| EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8516; (P) 0.8535; (R1) 0.8547; More.... Intraday bias in EUR/GBP remains on the downside for 0.8481 support first. As noted before, choppy rebound from 0.8397 has completed at 0.8768 already. Fall from 0.8768 is viewed as the third leg of the consolidation pattern from 0.8806. Below 0.8481 will target 0.8397 support. On the upside, above 0.8622 minor resistance, though, will dampen this view and turn bias back to the upside for 0.8768 resistance instead. In the bigger picture, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already. Rise from 0.7755 isn't completed yet and should resume after completing the correction from 0.8806. Above 0.8806 will target 0.9083 key resistance level and break will confirm this bullish case. However, break of 0.8164 cluster support (61.8% retracement of 0.7755 to 0.8806 at 0.8156) will invalidate this view and turn medium term outlook bearish for 0.7755 low. | |
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