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EURGBP Can See More Upside In the Near-term

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March 20 2017
 
As Elliott wave analyst we have to recognize clear patterns very quickly; we know that sharp moves are impulses, while slow are corrections. If we take a look on EURGBP hourly chart then we can clearly say that decline down from 0.8780 region is slow and overlapping, therefore a corrective set-back that is pointing higher. We see it as wave four which normally finds the base near the area of a former wave four, and around 38.2%. This is exactly where markets is at the moment, so technically next reaction can be to the upside, above 0.8800 for wave five, while market is trading above red wave i) swing high. Rise and break above 0.8740 will suggest that we are on the right track with the count.
 

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