EUR/USD reversed from support zone Next buy target - 1…
EUR/GBP broke key resistance level 0.8860
- EUR/GBP broke key resistance level 0.8860
- Next buy target - 0.9000
EUR/GBP today broke above the key resistance level 0.8860 (which stopped the previous impulse waves (1), 1 and (i), as can be seen from the daily EUR/GBP chart below). The breakout of the resistance level 0.8860 continues the active impulse waves (iii), 3 and (3) – all of which belong to the sharp primary impulse wave ③ from last December. EUR/GBP can then be expected to rise to the next buy target at the next round resistance level 0.9000 (which reversed the previous correction in 2 in November).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.