Elliott wave analysis of EUR/GBP for March 20 - 2020

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EUR/GBP found resistance at 0.9500. It is correcting in wave iv. With the 23.6% corrective target already broken at 0.9212, we expect the pair to lower to the 38.2% corrective target at 0.9034 before wave v takes over for the final rally higher towards the 0.9742 target.

The financial markets remain uncertain due to the corona pandemic and the financial havoc it can bring. At this point we don't know how many will be unemployed, the number of possible bankruptcies and a possible recession that follows this pandemic. All these factors will weigh on the financial markets.

R3: 0.9337

R2: 0.9258

R1: 0.9205

Pivot: 0.9161

S1: 0.9122

S2: 0.9095

S3: 0.9034

Trading recommendation:

We are short EUR from 0.9190 and we will take profit at 0.9055

The material has been provided by InstaForex Company - www.instaforex.com