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7 Oct 2013
Elliott Wavers say EUR/GBP may be in final stages of “expanding flat” upside correction
FXstreet.com (Barcelona) - With a very busy week ahead in terms of data, the EUR/GBP may be in the final stages of a fourth wave consolidation / correction according to Elliott Wave technicians.
EUR/GBP traders ready for data-intensive week – technicals are steering right now
EUR/GBP traders have a busy, data-filled week ahead:
• Monday – EuroZone Investor Confidence;
• Tuesday – German Trade Balance; German Factory Orders;
• Wednesday – ECB Monthly Report; German Industrial Production; BOE Credit Conditions; British Industrial Production; British Manufacturing Production; British Trade Balance; British GDP estimate; Mario Draghi speech
• Thursday - BOE interest rate decision and asset purchase facility announcements; Mario Draghi speaks again
• Friday – British Leading Economic Index; Inflation data from Germany, Spain and Italy
Technical outlook for EUR/GBP
Elliott Wave technicians say the EUR/GBP may be in the final stages of an “expanding flat” correction with an upside target of 0.8482. Above that, the next level to watch will be 0.8513 horizontal line resistance. Support for the cross comes in at Friday’s low of 0.8421.
EUR/GBP traders ready for data-intensive week – technicals are steering right now
EUR/GBP traders have a busy, data-filled week ahead:
• Monday – EuroZone Investor Confidence;
• Tuesday – German Trade Balance; German Factory Orders;
• Wednesday – ECB Monthly Report; German Industrial Production; BOE Credit Conditions; British Industrial Production; British Manufacturing Production; British Trade Balance; British GDP estimate; Mario Draghi speech
• Thursday - BOE interest rate decision and asset purchase facility announcements; Mario Draghi speaks again
• Friday – British Leading Economic Index; Inflation data from Germany, Spain and Italy
Technical outlook for EUR/GBP
Elliott Wave technicians say the EUR/GBP may be in the final stages of an “expanding flat” correction with an upside target of 0.8482. Above that, the next level to watch will be 0.8513 horizontal line resistance. Support for the cross comes in at Friday’s low of 0.8421.