Phils_Ocean

EURGBP - Wave Analysis

FX:EURGBP   Euro / Paun British
EURGBP made a really impressive rally as pound weakend significantly all over the board.
Price pushed 1200 Pips to the upside and the trend is still ongoing.

What we can see here is a classic extended Wave 3 where no real deep correction took place.
Wave 3 is most likely to be extended and a nice example why it is important to let the market decide when to get out.

Wave 4 was a classic Zig-Zag correction to the 38% Fibonacci level.

We are now watching wave 5, which should form at least a trunction, but probably a higher high with RSI divergence.

Around this area we will look for a nice strong price action signal to confirm the ending of wave 5.




Penafian

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