Menu

EUR/GBP Elliott Wave Weekly Forecast: 8th May to 22nd May 2019

EUR/GBP Elliott Wave Weekly Forecast: 8th May to 22nd May 2019

Share This!

EUR/GBP Elliott Wave Weekly Forecast

EUR/GBP Elliott Wave Weekly Forecast in 4 hours chart

Based on technical analysis the bearish 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 drop now to prints a Bearish Impulse Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as price has descended.

Strong key resistance level is present at 0.8721 price area which is the termination point of Bullish corrective wave a leg, which is part of a Bearish Contracting Triangle pattern wave iv. In my judgment, price action in EUR/GBP currency pair is now going to drop more to prints a bearish impulse wave v leg. So, market is going to remain bearish on a short term basis. Next, expects a short term bottom in price action as well. Based on Elliott wave forecast, the current Bearish trend is part of a Bearish Impulse Elliott Wave pattern, wave C leg in higher time frame which is going to complete Bearish Zig Zag.

Currently; Bearish Contracting Triangle corrective Elliott wave pattern wave iv looks in-complete. So, a good idea is to wait for the price action to first complete the wave e leg and then look for a possible sell trading chance to join the down trend around 0.8622 price area. However; if the price of EUR/GBP currency pair breaks above 0.8721 vital resistance level then down 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.

 

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.

👉 Want to make money automatically with Bitcoin and Cryptocurrencies without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! ETBOT is for you! With the ETBOT software, only YOU are in control of your investment funds. The software works using API Key connections that only YOU set up and control. The ETBOT service and mother company EndoTech has been making investors hundreds of percent a year in proven gains since 2012! They use the volatility of the Crypto market to trade long and short using breakout techniques and strategies powered by real Artificial Intelligence. This year so far ETBOT has made over 75% for clients since January 1st, 2020. If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to ETBOT now and buy your subscription to get started. PS: ETBOT is a Profitable Forex/Crypto Trading Bot. 100% Verified and Recommended by Valforex.com.

worldmarkets

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

EUR/GBP Elliott Wave Weekly 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 bearish trend as well.

EUR/GBP Elliott Wave Weekly Forecast

To me; price action has printed Bearish Zig Zag corrective wave leg. Now, price action is falling down to complete the bearish impulse wave C leg. So, now market is moving down on a long term basis to complete the bearish wave C leg. The bearish impulse wave C leg is the last and final decline and price is going to prints a short term bottom after that. Within the Bearish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.

The following Elliott Wave Bearish Impulse pattern diagram shows us a completed Bearish Impulse Wave pattern within the frame work of Elliott wave principle.

Bearish Impulse Wave

The Bearish 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 lower swing highs and lower swing lows. Bearish Impulse Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Impulse Elliott wave pattern looks like. If a trader knows what a Bearish 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 Bearish Impulse Wave consists of total five waves. Three bearish leg in the favour of down trend and two bullish corrective Elliott wave patterns, against the down 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 Bearish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger down market trend.

Based on my EUR/GBP technical analysis using Elliott Wave forecast in daily chart, we have got a in-complete Bearish impulse wave 3 leg and price action is now going to drop more to completes bearish wave 3 impulse leg. However; it is possible if price breaks above blue colour resistance line then bearish forecast will become in-valid. Now, price action is probably going to move sideways and then fall down more to prints a bearish impulse wave 3 leg. To me; in four hours chart of EUR/GBP currency pair the bearish leg which is part of a higher degree wave 3 in daily chart is just a bearish leg in a down trend leg as mentioned above as wave 3 impulse wave pattern inside a daily price chart.

Strong key resistance level is present at 0.9110 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 decline. So, in my opinion market is going to remain bearish overall and on a medium to long term basis, expects a bearish leg in market. Next, market is probably going to resume the down trend after that in EUR/GBP currency pair, in daily chart.

Now, when an existing Bearish 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 below 0.9110 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 0.9110 resistance area will end the down trend and bearish 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.

Summary

Based on EUR/GBP Elliott Wave Weekly analysis the trend is down in daily chart and a good idea is to look for a sell trade around 0.8600 price area, as price action is going to drop more towards 0.8444 but a clear bullish break out in price action above 0.9110 vital resistance area will end the down trend. On a medium term basis, it is a bearish trend in EUR/GBP 4 hours time frame and a good idea is to take a sell trade around 0.8622 price level and price is probably going to drop lower towards 0.8390 price level. However; if the price of EUR/GBP currency pair breaks above; 0.8721 vital resistance level then bearish 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.

If You'd Like to Get Notified When This Site is Updated, Subscribe Below...

Leave a Reply

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

IQ Mining

Binary Option Scams, Warnings, Reviews & Updates...

Binbotpro

Popular Articles

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… Read More

Copyright © 2019 · Valforex.com | Privacy Policy | Earnings Disclaimer DMCA.com Protection Status
Show Buttons
Hide Buttons