Elliott wave analysis of EUR/GBP for April 27 - 2020

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Despite a break above minor resistance at 0.8722, EUR/GBP failed to consolidate at this level. It is re-testing the corrective low at 0.8709. We expect this support to protect the downside for a new rally above minor resistance at 0.8749 and more importantly a break above resistance at 0.8769/ It will confirm that a low is in place for a new rally to and above 0.9499.

Only an unexpected break below support at 0.8675 will change the 0.8621 target before the corrective decline from 0.9499 finally occurs and a new rally can begin.

R3: 0.8863

R2: 0.8779

R1: 0.8740

Pivot: 0.8724

S1: 0.8709

S2: 0.8675

S3: 0.8621

Trading recommendation:

We are long EUR from 0.8765 with our stop placed at 0.8670

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