Elliott wave analysis of EUR/GBP for May 11 - 2020


EUR/GBP is currently lagging the power to attack key-resistance at 0.8866, but eventually, this key-resistance will come under fire. It is highly likely that this level will be broken and a new impulsive rally through the former top at 0.9499 can occur.

Support is seen in the 0.8689 - 0.8700 area. It is expected to continue to protect the downside for a firm test of key resistance at 0.8866. A break above minor resistance at 0.8788 will be the first strong indication of a test of key-resistance coming.

R3: 0.8866

R2: 0.8814

R1: 0.8788

Pivot: 0.8758

S1: 0.8725

S2: 0.8689

S3: 0.8670

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