And The Euro Continues To Rally
The EURGBP has been technically bullish for awhile now as the pair made higher lows on the daily chart. However, when the fundamentals recently aligned to match the bullish signals in price action, the pair finally broke out to complete the quarter to 0.8750.
As the new trading week gets fully underway, the pair has started to correct further off the highs beyond the Fibonacci retracement levels of the 4th bullish wave. This is just as expected when we count the number of bullish waves we have had in this rally to the 0.8760 highs. The overextended nature of the rally and the completion of the large quarter signalled to me that price action this week may actually be more bearish than bullish.
Read my full analysis with forecasts on the EURGBP at StockTwits FX.
