Based on technical analysis the bullish trend is present in EUR/GBP currency pair, 4 hours time frame based on EUR/GBP Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of EUR/GBP pair is going to rise up now to prints a Bullish Impulse Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as price has ascended.
Strong key support level is present at 0.8647 price area which is the termination point of Bullish impulse wave I leg, which is part of a Bullish Impulse wave pattern. In my judgment, price action in EUR/GBP currency pair is now going to rise up more to prints a bullish impulse wave iii leg. So, market is going to remain bullish on a short term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Impulse Elliott Wave pattern, wave 1 leg in higher time frame which is going to complete Bullish Impulse wave.
Currently; Bullish Impulse Elliott wave pattern wave iii looks in-complete. So, a good idea is to look for a possible buy trading chance to join the up trend around 0.8860 price area. However; if the price of EUR/GBP currency pair breaks below 0.8647 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the EUR/GBP Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend is also Bullish in higher time frame of EUR/GBP currency pair.
Below is the daily chart of EUR/GBP pair with my Elliott wave forecast which shows us a big picture and a well started Bullish trend as well.
To me; price action has printed Bullish Zig Zag corrective wave leg. Now, price action is rising up to complete the Bullish impulse wave 1 leg. So, now market is moving up on a long term basis to complete the Bullish wave 1 leg. The Bullish impulse wave 1 leg is the first leg and price is going to prints a short term top after that. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bullish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bullish Impulse Wave consists of total five waves. Three Bullish leg in the favour of up trend and two bearish corrective Elliott wave patterns, against the up market trend. We use numbers to label impulse waves 1, 2, 3, 4 and 5 and inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger up market trend.
Based on my EUR/GBP technical analysis using Elliott Wave forecast in daily chart, we have got a in-complete Bullish impulse wave 1 leg and price action is now going to rise up more to completes Bullish wave 1 impulse leg. However; it is possible if price breaks below green colour support line then Bullish forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to prints a Bullish impulse wave 1 leg. To me; in four hours chart of EUR/GBP currency pair the Bearish leg leg which is part of a higher degree wave 1 in daily chart is just a Bearish Zig Zag leg in an up trend leg as mentioned above as wave 1 impulse wave pattern inside a daily price chart.
Strong key support level is present at 0.8471 price area in EUR/GBP daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain Bullish overall and on a medium to long term basis, expects a Bullish leg in market. Next, market is probably going to resume the up trend after that in EUR/GBP currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Weekly Forecast in EUR/GBP is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 0.8471 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 0.8471 support area will end the up trend and Bullish Elliott Wave Weekly Forecast; in such a market scenario, it would be best not to trade the market and re-analyze EUR/GBP daily chart.
Based on EUR/GBP Elliott Wave Weekly analysis the trend is up in daily chart and a good idea is to look for a buy trade around 0.8899 price area, as price action is going to rise up more towards 0.9190 but a clear bearish break down in price action below 0.8471 vital support area will end the up trend. On a medium term basis, it is a Bullish trend in EUR/GBP 4 hours time frame and a good idea is to take a buy trade around 0.8860 price level and price is probably going to rise up towards 0.9003 price level. However; if the price of EUR/GBP currency pair breaks below; 0.8647 vital support level then Bullish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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