27 Jan 2015
EUR/GBP outlook remains bearish below 0.7714 – ElliottWaveForecast
FXStreet (Barcelona) - Daud Bhatti of Elliott Wave Forecast, believes EUR/GBP might attract sellers as long as the pair trades below 0.7714 levels.
Key Quotes
“Preferred view suggests wave (W) ended at 0.7593 and wave (X) ended @ 0.7714. Wave “W” is proposed to be over at 0.7403. Wave “X” bounce is in progress & could reach as high as 0.7558 – 0.7597 (50 – 61.8 fib) area before decline resumes.”
“We don’t like buying the pair & expect sellers to keep appearing in 3, 7 or 11 swings as far as pivot at 0.7714 high remains intact.”
Key Quotes
“Preferred view suggests wave (W) ended at 0.7593 and wave (X) ended @ 0.7714. Wave “W” is proposed to be over at 0.7403. Wave “X” bounce is in progress & could reach as high as 0.7558 – 0.7597 (50 – 61.8 fib) area before decline resumes.”
“We don’t like buying the pair & expect sellers to keep appearing in 3, 7 or 11 swings as far as pivot at 0.7714 high remains intact.”