EUR/USD: bearish 'Engulfing' pattern
The market is likely going to test the nearest support at 1.1730. If a pullback from this level forms next, bulls will probably try to...
EUR/GBP rising inside impulse waves 3 and (3)
- EUR/GBP rising inside impulse waves 3 and (3)
- Next buy target - 0.8700
EUR/GBP continues to rise inside the minor impulse wave 3, which belongs to the intermediate impulse (3) from the middle of April. Both of the active impulse waves 3 and (3) started when the pair reversed up from the support zone surrounding the powerful, multi-month support level which has been reversing the price from last August, as can be seen below.
EUR/GBP is expected to rise to the next buy target at the resistance level 0.8700 (which reversed the earlier corrective wave (ii) in April).
Dmitry Chernovolov
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