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EUR Shining More Than Sterling

EUR Shining More Than Sterling

Jeremy Wagner, CEWA-M, Head of Education

The technical pattern from May 27, 2015 to June 9, 2015 coupled with the pattern March 11, 2015 to May 7, 2015 suggests the EUR may outperform the GBP over the coming days.

First of all, the March low to May high was an equal wave pattern where the (c) leg is equal in length to the (a) leg. Typically, that speaks to being corrective, but not in all scenarios.

The move from May 27 to June 9 is clearly a 5 wave move. In Elliott Wave Theory, that suggests the near term trend is pointed higher. The subsequent counter trend drop was a partial retracement of only 78.6% to .7126.

Therefore, the higher probability trade is for another 5 wave move higher that tests .74.

See notes in the chart below.

Click on the chart to see the market in motion since the pick was made.

EUR Shining More Than Sterling

Created using TradingView charts.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.