Elliott wave analysis of EUR/GBP for May 7, 2020

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EUR/GBP found a corrective low at 0.8689 as we expected and has started a new clime higher. The first minor hurdle to conquer is seen at 0.8814 and above here will confirm a full test of key resistance at 0.8866, which needs to be broken to finally confirm the corrective decline from 0.9499 has completed and a new impulsive rally to above 0.9499 is in motion.

Short-term we see support at 0.8725 which is expected to protect the downside for the test of 0.8814 and above.

R3: 0.8866

R2: 0.8814

R1: 0.8758

Pivot: 0.8725

S1: 0.8689

S2: 0.8670

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