EURGBP Signal By Trading Twist
Buy Stop Order0.8570
SL: 0.8544
TP: 0.8630
With a rally of over 120 points, or 1.45%, from Wednesday, April 17 low, signals for sentiment are now at overbought extremes. We have a barrage of PMI data from the eurozone which could result in a correction to the downside. I look for dips to be bought.
The four-hour chart highlights the completion of a bullish 5-wave count (Elliott wave) at 0.8644. This would dictate we are now in the corrective ABC sequence lower. Bespoke support is located at 0.8570. The 61.8% Fibonacci retracement level is located at 0.8568. I look to this zone to find buying interest.
