Elliott wave analysis of EUR/GBP for May 4, 2020

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EUR/GBP dipped to a low of 0.8671 (just one pip above our stop) before taking of strongly again, breaking above minor resistance at 0.8769 and now awaits the much more important key-resistance at 0.8866 and a break above here will confirm the next impulsive rally to above 0.9499 is unfolding.

Short-term we see support in the 0.8730 - 0.8750 area.

R3: 0.8866

R2: 0.8819

R1: 0.8792

Pivot: 0.8775

S1: 0.8752

S2: 0.8736

S3: 0.8721

Trading recommendation:

We remain long EUR from 0.8765 with our stop placed at 0.8670.

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