Elliott wave analysis of EUR/GBP for April 28 - 2020

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EUR/GBP is tarding within a very narrow range between 0.8706 - 0.8737. We see a clear loss of downside momentum, but to indicate a bottom being in place, we need a break above minor resistance at 0.8737 and more importantly a break above resistance at 0.8769 that will lead to a new impulsive rally above 0.9499.

Only an unexpected break below 0.8675 will change the 0.8621 target but this seems unlikely.

R3: 0.8863

R2: 0.8769

R1: 0.8737

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