EUR/GBP ✈️ Bullish Momentum Could Start Wave 3 ?

3 min read
Adarwish

adarwish

Author

Hi traders,

EUR/GBP developed a bullish momentum during last week… It seems that this price action is part of a potential wave 3 and we remain on expect bullish Momentum to finish for wave 3.

We will review different scenarios as the pair can either bounce for a downtrend or continue the bullish momentum within wave 3.

This article will discuss the wave perceptive and expected scenarios for the pair during the coming days using wave pattern, support, and resistance and SWAT software.

EUR/GBP Developing Wave 3

As the below chart shows, the pair developed a bullish momentum… In my view, the pair is building 5 new bullish waves and now wave 3 is in progress… And here are the main conclusion:

  • Wave 3 must be the longest.
  • Wave 3 can be composed of 5 impulse waves.
  • Traders should wait for pullback and continuation (Pullback of wave 2 of 3 and trade wave 3 of 3 ).

For the moment I expect more for the upside for wave 3 but we still need more confirmation before trading this pair… in the next paragraph, we will discuss this development by using SWAT software.

EUR/GBP SWAT CHART

Now its time to use the SWAT 4-hour chart to determine the entry points according to the expected wave patterns… SWAT Chart shows bullish momentum and still needs some developments to trade it now…  Here are the main developments to consider:

  • Need price to retest the 144 Ema.
  • Also to be above the 21EMA.
  • Our target will be Wizz 4 and 5.
  • I advise traders always to protect their profit or use trailing stops.

So in my view, traders should wait for the confirmation before trading this pair and look for buy opportunity only as it matches the expected wave.

Good trading,

Ahmed
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