Elliott Wave Analysis On EURGBP And SILVER

Gregor Horvat

EURGBP is trading at a new high after quite sharp rise since pair broke above 0.8500 area. Also notice that leg up from 0.8330 is in five waves with an extended structure so ideally that’s wave three in five that suggests we are going higher. Ideally market will reach 0.8800 area, but it may happen after a fourth wave pullback.

EURGBP 4 Hour Chart

EURGBP 4 Hour Chart

No change on silver, price is still trading slightly down within wave E) that can be near completion. We see 19.50 area as potential support from where market may turn up this week with a very strong reaction that will finally send price out of a four-week consolidation pattern. Once 20.45 is broken, traders should be aware of a new leg up towards 21.80-22.00 area.

Silver 4 Hour Chart

Silver 4 Hour Chart

Source: www.ew-forecast.com

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