Preferred Elliott Wave view suggests $EUR/GBP is in wave (X) correction up from wave (W) low at 4.22.2015. Wave (X) correction takes the form of a FLAT (ABC) structure. Wave "A" ended in 3 waves at 0.7212, followed by 3 waves correction in wave "B" towards 0.713. Wave "C" of (X) rally from 0.713 unfolds in 5 swings with wave ((i)) at 0.717, wave ((ii)) at 0.7136, wave ((iii)) at 0.7225, and wave ((iv)) at 0.719. Pair is currently expected to complete wave ((v)) towards 0.7245 - 0.7282 area. The last swing higher in wave ((v)) would complete wave (X) FLAT and divergence should be intact in the next push higher.
As the trend is lower (as indicated by the red arrow), we don't like buying the pair into the proposed wave ((v)) rally. We expect to see sellers from 0.7245 - 0.7282 area for 3 waves lower at minimum per Elliott wave hedging concept.
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