EUR/GBP Look Ahead for week starting 11/24/19

The Euro Pound is in a correction of a long-term Bull Market with price trading below the 50 and 200 week emas, with the 50 ema above the 200 week ema which is trending above the 800 ema. The 50 week ema is currently down trending, and the Long-Term B-Wave top is in, so expect this to transition into a Bear Market. This is a currency pair that should be traded from the short side, but in the short term expect a bounce back up to the 50 week ema, especially with the long term uptrend line right below price. This currency pair just began a Super Cycle C-Wave down, which should trade down below the A-Wave bottom at .69419.

The Pair is almost in a Deep Correction in a Long-Term Bull Market on the daily, with the 50 ema below the 200 ema and getting ready to head below the 800 ema. Price has bounced off the long-term trend line, printing a lovely Hammer last week, followed by a Piercing Pattern/Railroad Track. Friday printed a green candle that closed above the 13 ema, so expect an uptrend up to at least the 50 ema, maybe the down trend line. The Elliott wave shows a completed five waves down since the sell-off started mid-October. Time for a corrective bounce back up. Get Long with a small position, this is only a counter trend move, so far…

The Pair is trading up in a Bear Market Rally on the 4 hour, with price above the 50 ema. There is a Piercing Pattern/Railroad Track below against the Long-Term Trend line. The down trend Friday is forming a Level 2 consolidation, which should be followed by a Long Extended price rise into a Level 3 consolidation, likely against the 200 ema. Price is getting ready to move up to the 200 ema at .865. Next week will likely be a continuation of the up-trend after the weekend consolidation.

This is my EUR/GBP look ahead for my own trading purposes. FOREX trading involves risk. Feel free to comment, but trade off of this post at your own peril.