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Using Elliott Wave Theory EUR/GBP is Near Support

Using Elliott Wave Theory EUR/GBP is Near Support

Jeremy Wagner, CEWA-M, Head of Education

EUR/GBP is sporting some clean waves from an Elliott Wave perspective. Since finding a low on August 5, 2015, prices have been advancing in impulsive fashion followed by corrective setbacks. It appears the correction that began on February 11, 2016 is nearing a termination point. If this interpretation and wave count is correct, then prices would be supported on a move up towards .8150.

According to the wave count below, we are anticipating a wave 4 low at yesterday’s low or with one more possible retest near .7560.

Using Elliott Wave Theory EUR/GBP is Near Support

[Image 1]

Wave 4 typically retraces approximately 38.2% of wave 3. That level comes into play near .7550. Likewise, the equal wave measurement from the April 7 high to yesterday’s low is near .7560. Additionally, the 200 Day Simple Moving average sits around .7519 (not shown). As a result, there are a variety of support levels arriving near yesterday’s low.

If correct, then we can anticipate another 5 wave move higher. Wave 5 would equal wave 1 near .8100. Wave 5 would be 61.8% of the length of waves 1 through 3 near .8150. So initial target levels can be set near .8100, though higher levels exist.

If prices trade below the wave 1 high of .7493 then this wave count in invalid and we’ll reconsider other patterns.

The risk to reward ratio on this opportunity is skewed to the positive. We’ve researched millions of trades and found that almost half of the traders (43%) turned a profit when implementing this simple technique of a positive risk to reward ratio. This is something that every trader has control over. Learn more about that tweak in pages 13-14 of the Traits of Successful Traders Guide [free registration].

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