FX Times: Daily Technical Update EUR/GBP Stalking Gartley

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Via FX Times
Fan Yang \ 11:25 AM EST \ December 8th, 2009

EUR/GBP


* 4H: The EUR/GBP has completed a bearish Gartley and may be continuing the wave 2 of Wave V in our Elliott Wave Count . (Refer to Daily Technical Update 12.07.09 EUR/GBP).
* The abcd retracement pattern was completed at the beginning of the current US session, at the 78.6% retracement level (0.9085). This also tested a downsloping trendline, which is holding.
* An engulfing pattern to close in the next 30 or so minutes is a bearish signal.
* The target is 89.50. Here we will look for bottoming action and completion of wave 2.

Fan Yang
Currency Analyst
Commodity Trading Advisor

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