Elliott wave analysis of EUR/GBP for April 7 - 2020

analytics5e8c0be79318b.jpg

We continue to look for a break above minor resistance at 0.8866 as a strong indication that wave iv has completed with the test of 0.8742 and wave v towards 0.9740 is unfolding. in the short-term, we see support near 0.8808 which is expected to protect the downside for a break above 0.8866. A break above resistance at 0.8911 confirms that the corrective low is in place and the final rally towards 0.9740 is developing.

R3: 0.8911

R2: 0.8866

R1: 0.8827

Pivot: 0.8808

S1: 0.8785

S2: 0.8767

S3: 0.8742

Trading recommendation:

We are long EUR from 0.8760 and we have our stop placed at 0.8730

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