EUR/GBP

Ooops! Looks like I got that completely wrong - back to the drawing board!!

dl.dropboxusercontent.com/u/7238706/eurGBPhr.png
EURGBP

First question: will wave B complete at 8279>81? A look at the hourly chart shows this level is represented by good resistance and the 61.8% fib extension of 8151 > 8261 from 8215. If the level holds this will be a good place to enter short.
Second question: how far will it drop?
dl.dropboxusercontent.com/u/7238706/EURgbpDaily.png
Well, the zone to be looking at, from a fib perspective, is between the 100 & 123.6% of the extension of wave ((a)) - somewhere between 8052 > 7981. There is support down there at 8036.

The next thing to say is to please take all this with a fairly large pinch of salt. It all makes sense but my track-record on forex has been, well, not too good to date I'm posting this as much for my own re-assurance as for information of the interested on the BB. So, if this helps, then I'm genuinely pleased. If it's a pile of 'brown-stuff' i apologise but it has served a purpose

All good so far: the pair actually turned down at 8287 as opposed to 8279, so only 8 pips out. It's now 8195 as I type so fast approaching the 50% extension at 8191 and 61.8% at 8168, so somewhere in this area expect a retrace to form wave B before the push down to 8094 > 8049 to form wave C...... I hope

Possible 123 low formation???
This almost broke out earlier so one to watch as that area has been weakened.
Resistance will come from trend line so that has to break for real strength to come.


dl.dropboxusercontent.com/u/4899609/eurgbp6thmarch2014.png

first pb after breakout
Long @ 0.8292
SL below 0.8262

Keep an eye out for a 123 low breakout.
ive got my order to go long at 0.8184 with a 50 point stop..
This is for today only and i will have to see how this pans out.
one for the watch list



dl.dropboxusercontent.com/u/4899609/eurgbp19thmay2014.png