EUR/GBP: Buy target - 0.7800 || 09-03

Posted by larosfx on 09 March 2016

EUR/GBP: Buy target - 0.7800 || 09-03

By: Dmitriy Chernovolov || https://fxbazooka.com

EUR/GBP recently reversed up from the support zone lying between the pivotal support level 0.7720 (which has been reversing the price from the start of February, as can be seen below) and the 50% Fibonacci correction of the previous sharp upward impulse from last month. The upward reversal from this support zone is aligned with the sharp minor impulse wave 3 – which belongs to the extended intermediate (C)-wave from last November.

EUR/GBP reversed from support zone

Next Buy target - 0.7800

EUR/GBP is likely to rise further in the active waves 3 and (C) toward the next Buy target at the resistance level 0.7800. Buy Stop-loss can be placed below the support level 0.7720.