Menu

EUR/GBP Elliott Wave Forecast 5th May to 19th May 2020

Nebeus-Loans

EUR/GBP Elliott Wave Forecast 5th May to 19th May 2020

Share This!

EUR/GBP Elliott Wave Forecast
EUR/GBP Elliott Wave Forecast in 4 hours chart

 

Based on technical analysis EUR/GBP Elliott Wave Forecast, 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 forecast have made the right decision as price has ascended.

Strong key support level is present at 0.8670 price area which is termination point of Bullish impulse wave i leg. In my judgment, price action in EUR/GBP currency pair is now going to move sideways. Next expect further rise in price action to complete a Bullish Impulse wave pattern – wave iii. 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, current Bullish trend is part of a Bearish corrective Elliott wave pattern, wave 4 leg in higher time frame.

Currently, Bullish wave iii leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join up trend around 0.8719 price area. However; if price of EUR/GBP currency pair breaks below 0.8670 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade Forex market and re-do EUR/GBP Elliott wave analysis in four hours chart.

If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.

Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of EUR/GBP currency pair.

EUR/GBP Elliott Wave Forecast in daily chart

 

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.
EUR/GBP Elliott Wave Forecast

👉 ***Do you want to earn a side income with a stable crypto investment platform that generates sustainable monthly yields? Get this: You can now make a steady profit margins thanks to a new innovative way of investing in crypto. YieldNodes is the answer you need to start making a decent profit with cryptocurrency investment whether you are a beginner or professional in the crypto space. A multi-tiered node rental program is what Yield nodes is bringing to the table. Master-noding is the avant-garde of generating high ROI thanks to the ingenious of Stefan Hoermann and his team. With master-noding, you invest and let the platform do the rest for you. What is master-noding? It is not TRADING. It’s a new way of generating revenue by providing technology that relies on a proof of stake approach. Yieldnodes operates these crypto master-nodes and optimizes complex strategies to ensure members earn a profit. Yield Nodes will prioritize your security by providing accurate investment options. Members get protection from external losses or unforeseen changes in market conditions. This is not in any way a get rich quick scheme; once you deposit funds; you have to wait for the yields to mature. Yieldnodes is providing a proven, innovative, and secure way of making high returns on your investment with crypto master-noding.  With just a minimum deposit of €500, you are good to go! With a minimum contract duration of four months, it gives users a chance to fully experience master-noding. By joining Yieldnodes, you stand a chance of making 5 to 15% every month.  If you are still wondering whether this is a safe option, you can cancel the contract at any given time. For those who want to join and upgrade their investment strategy, Yield Nodes is the solution.
Click Here To Sign up with Yieldnodes Today

PS: YieldNodes is 100% Verified and Recommended by Valforex.com.

To me; price has printed Bearish corrective wave 4 leg. So, now expect price action in EUR/GBP currency pair to rise up to complete motive wave pattern. Next, market is going to prints a medium term top as well after Bullish Impulse wave 5. Within 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 wave pattern diagram shows us a completed Bullish Impulse wave pattern within the frame work of Elliott wave principle.

Bullish Impulse pattern

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 legs in the favour of an up trend. And two bullish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5. 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. It appears at a trending market environment and moves in the favour of larger upward market trend.

Based on my EUR/GBP using Elliott Wave in daily chart, we have got an in-complete bullish wave 5 leg. So, market is now going to rise up to complete bullish Impulse wave 5 pattern. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways. Next, expects further bullish price action in market to complete a Bullish Impulse wave 5 leg.

To me; in four hours chart of EUR/GBP currency pair the bearish wave ii leg which is part of a higher degree wave 4 corrective pattern in daily chart is just a bearish pull back in an up trend. As mentioned above as Bearish Zig Zag leg inside a 4 hours chart.

Strong key support level is present at 0.8595 price area in EUR/GBP daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish 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 0.8595 support area in daily time frame to keep the up trend alive. A clear bullish break down in price action below 0.8595 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze EUR/GBP daily chart.

Summary

 

Based on EUR/GBP Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 0.8816 price area. As price action is going to rise up towards 0.9526. But a clear bearish break down in price action below 0.8595 vital support area will end up trend. On a medium term basis, it is a bullish trend in EUR/GBP 4 hours time frame.

A good idea is to take a buy trade around 0.8719 price level. Next, price is probably going to rise up towards 0.8874 price level. However; if price of EUR/GBP currency pair breaks below 0.8670 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.

LET’S KEEP IN TOUCH!

We’d love to keep you updated with our latest news and offers 😎

We don’t spam! Read our privacy policy for more info.

Leave a Reply

Your email address will not be published. Required fields are marked *

Profitfarmers

Follow Us

Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.

Show Buttons
Hide Buttons