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EURGBP - Important Low Could Be In for Bullish Cycle To Develop
There has been lot of negative news stream lately and seeming fundamentals suggesting EURO will probably disappear. I accept that the development in the Eurozone has not been very encouraging. However, it is my view, that this is grossly overdone perhaps by traders who seem to looks at existing trend to continuing in to infinity and have developed mentality of shorting Euro everything on retracement. OR what we call "Smart Money" has been using the current trend to trap a lot of traders as the reversal is very close.
In fact many of the Forex Chat users will confirm that over the last couple of days, I have been suggesting important low in the EURGBP is being formed. It is a shame that I was beaten to it by today's SNB's action before publishing my chart.
Nevertheless, I am more convinced that this is likely, a significant low in the EURGBP and possibly in many other EUR pairs such as EURCAD etc. to plan for longer term bullish swing trade.
Summary:
1. In the proximity of rising long term trendline support (see monthly chart)
2. At historical horizontal support level and 50% retracement of the previous swing.
3. Appears to have completed WXY zigzag correction since 2009 high with current minor cycle forming "Ending Diagonal" wave (V) of C.
4. RSI bullish divergence.
If now, we likewise see double bottom EURCAD, EURNZD and very importunately possible low in EURUSD with stops taken out just below 2005 low, the prospective bullish move could be due to relative strength of EUR coming into play going forward and could last for several weeks if not months. One to watch for sure.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
In fact many of the Forex Chat users will confirm that over the last couple of days, I have been suggesting important low in the EURGBP is being formed. It is a shame that I was beaten to it by today's SNB's action before publishing my chart.
Nevertheless, I am more convinced that this is likely, a significant low in the EURGBP and possibly in many other EUR pairs such as EURCAD etc. to plan for longer term bullish swing trade.
Summary:
1. In the proximity of rising long term trendline support (see monthly chart)
2. At historical horizontal support level and 50% retracement of the previous swing.
3. Appears to have completed WXY zigzag correction since 2009 high with current minor cycle forming "Ending Diagonal" wave (V) of C.
4. RSI bullish divergence.
If now, we likewise see double bottom EURCAD, EURNZD and very importunately possible low in EURUSD with stops taken out just below 2005 low, the prospective bullish move could be due to relative strength of EUR coming into play going forward and could last for several weeks if not months. One to watch for sure.
As always, do your own analysis for your trade requirement. Select to follow me and the chart for notification of future updates. If you like the analysis then please indicate this by thumbs up, comments and sharing with others. If you have an alternative idea then please share for all to learn from.
Thank you for taking the time to read my analysis.
DanV
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