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9 Oct 2013
EUR/GBP near upper edge of recent range; unfavorable reward / risk for bulls
FXstreet.com (Barcelona) - The EUR/GBP may have a bit more upside potential left, but that seems to technicians to be outweighed by much larger downside potential when next move lower commences. When will that be? What will be the catalyst for the downside?
EUR/GBP traders ready for data-intensive Wednesday
Speaking of catalysts, EUR/GBP traders will be reacting to plenty of data in the coming hours including the ECB Monthly Report, German Industrial Production, the BOE Credit Conditions report, British Industrial and Manufacturing Production, British Trade Balance data, the British GDP estimate and a Mario Draghi speech later in the session.
Technical outlook for EUR/GBP
Elliott Wave technicians say the EUR/GBP may be in the final stages of an “expanding flat” correction with an upside target of 0.8482. Above that, the next level to watch will be 0.8513 horizontal line resistance. Support for the cross comes in at Friday’s low of 0.8421 with 0.8400 backing that up in the short-term. The technicians point out that based on the wave count, the next big move could be to the downside and could take the EUR/GBP down as low as 0.8333.
EUR/GBP traders ready for data-intensive Wednesday
Speaking of catalysts, EUR/GBP traders will be reacting to plenty of data in the coming hours including the ECB Monthly Report, German Industrial Production, the BOE Credit Conditions report, British Industrial and Manufacturing Production, British Trade Balance data, the British GDP estimate and a Mario Draghi speech later in the session.
Technical outlook for EUR/GBP
Elliott Wave technicians say the EUR/GBP may be in the final stages of an “expanding flat” correction with an upside target of 0.8482. Above that, the next level to watch will be 0.8513 horizontal line resistance. Support for the cross comes in at Friday’s low of 0.8421 with 0.8400 backing that up in the short-term. The technicians point out that based on the wave count, the next big move could be to the downside and could take the EUR/GBP down as low as 0.8333.