Forex Results and Future Predictions EURGBP and EURUSD Feb 6th
On the EURUSD, it has been in a downtrend recently, and it still is. We have been predicting and watching for a pullback around 1.07 weekly supply zone and it happened as we predicted. However now we are waiting for price to resume down. But that entry has not happened yet. Price needs to stay below 1.08 in order to respect the weekly/daily supply zone. It also needs to stay inline with the Elliott wave pattern that seems to be going on the weekly time-frame. This is a purely technical approach and we are not factoring in any fundamental news or world conditions. BottomLine: Price is in a downtrend and we are looking for a 700 pip move if we can find resistance at the daily/weekly supply zones. The question is will the Euro fall?
Check out how we got here on EURUSD by watching last weeks video:
See What APA Zones Can Do For You
On EURGBP this week, we are still in a uptrend but have just put in a lower high without a retest of the weekly supply zone at .8952. I personally would like to see price retest the weekly supply zone before pushing below the December low of .8300. Over the past week, we see that price has ranged in between the two daily supply and demand zones. They are as .8826(top, supply zone) .8511(bottom, demand zone). We are expecting to see a break up out of this range area and for it to retest the daily supply zone at .8750 this week. BottomLine: Price is still in an uptrend. We have been in a pullback and this is a great area to buy if you are looking for the uptrend to continue into last years high at .9225. If you think the Euro is going to sell off then I think I would wait a week or two until price retests the highs a little bit better for a possible short play.
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