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EURGBP

Wed, Oct 28 2009, 09:09 GMT
by Ian Coleman

Turtle Futures


EURGBPEURGBP

EURGBP

Good morning. In our last report on EURGBP we warned of a possible correction higher from 90.26. We had the trend line there and we were at 38.2% pullback from that whole move higher.

Strangely enough the UK GDP report came along to give us that boost, but does it look short lived? We can count the move higher in a 5 wave sequence even though the percentage projections are not in line. An ABC correction would take us down to 0.8822. 61.8% of the move higher would take us to 0.8785. Now the indicators. The MACD broke the higher trend line on the 16th of October and still looks bearish (we are, however, still above the zero line – buy zone). RSI is in the middle. What does the 1 hr chart tell us?

1HR: Stuck in a bit of a range here between 0.09085 – 0.9027. Our MACD turned positive at X (0.9050) and although we are still in the sell zone (below zero) that is a bullish signal. I would look to stand aside at the moment and watch for breaks. To the downside I would look for a MACD cross to confirm, to the upside I would look for the MACD to trade above the zero line. We still have a slight bearish bias with us trading below to 20 SMA.

Good luck

Published on  Wed, Oct 28 2009, 11:04 GMT


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Turtle Futures  | One Moulsham Street. Chelmsford - Essex CM2 0HR
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