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Elliottwave Intraday analysis: EURGBP trading on decision point

FX:EURGBP   Fx Euro/Pound British
Talking Points:

EURGBP             Technical Strategy:
On break of trending line, it will be bullish else temporary bearish
Elliottwave Count: Correction is too short to mark complete, however price will take decision on trending line.

Analysis
EURGBP             is trading in sideway and on weekly chart, it need to complete it's wave C (last leg of correction), however, same time price completed it's expected fibbo zone of 38.2% 8300 area with very unusual correction format. We need to respect price level at this moment but considering all possible count available on market, we are come with two highly possible count.

Scenario 1: Bullish view
If price is breaking trendline drawn 8850 to 8790, we are testing trendline , if price is break this resistance and able to close day above it, this will consider a bullish outlook and can be seen more upside towards 8952 and subsequent highs. We are considering those move as a impulse move and mark in green labels.

Scenario 2: Bearish outlook

We are expecting and having high probability of this outlook considering correction was unusual and require to complete it's last leg, we want to see false breakout, trendline resistance on 8700 area, post that, we are looking to see fallback to 8500, this view can bring price level to 8010 area. This view is also inline with our long term view on EURUSD             .

Action
We are initiating short @ 8690 with stoploss on 8750 target 8010.

Disclosure: All analysis posted here is for educational purpose to understand elliottwave and trading principals. Authors is not providing any trading recommendation in this article. Trader need to take call based on his/her risk after taking consideration of your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose.Any opinions, news, research, analyses, prices, or other information contained on this article are provided as general market commentary, and do not constitute investment advice. Author is not liable for any loss or damage, including without limitation
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