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EUR-GBP: Is the bottom is in place?

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Elliot Wave Analysis For EUR-GBP

According to the Bank of International Settlements, EURGBP pair has the second and the fourth place of the traded currencies concerning the foreign exchange turnover, with 32,3% and 12,8% respectively.

Daily Range

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From the low of 0.69366, the pair pushed in five waves, Wave 1 ended at 0.74927, wave 2 ended at 0.69824, then a strong move higher in wave 3 ended at 0.927, wave 4 ended at 0.83133, and wave 5 of (A) ended at 0.93065,

After the 5 wave ended, the pair began a complex correction which wave ((a)) of W ended at 0.86200, then a flat correction for wave ((b)) of W ended at 0.93960, then wave ((c)) of W ended,

from the low of 0.8277 the pair pushed higher in wave X which ended at 0.94996. once wave X ended the pair declined in wave Y, which wave ((a)) ended at 0.86710, wave ((b)) ended at 0.92916, and Wave (c)) is currently in progress, which wave (i) ended at 0.88612, wave (ii) ended at 0.92298, wave (iii) ended at 0.84721, wave (iv) ended at 0.87011, and wave (v) currently in progress.

3 Hour Range

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In the 1 hour range and in wave (v), the pair ended wave i at 0.83730, wave ii at 0.85950, wave iii at 0.82848, and wave iv at 0.84780, and wave v of (v) is currently in progress which we expect wave v to end above 0.81661, which wave iii will be the shorter if the pair pushed lower than this level.

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Written by Trade Zign

TradeZign (TZ) is a market forecasting firm,TZ's 10 full-time analysts cover every major market (commodities, stocks, energy, bonds, metals, currencies).

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