Elliott wave analysis of EUR/GBP for June 11, 2020

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EUR/GBP needed another stab to test solid support at 0.8866. However, the following break above minor resistance at 0.8939 indicates that the correction in wave ii is complete and a new impulsive rally towards 0.9485 can be expected.

Short-term, we should see support near 0.8883 be able to protect the downside for a break above minor resistance at 0.8959 and more importantly above resistance at 0.9007 that should accellerate the rally higher towards 0.9485.

R3: 0.9007

R2: 0.8975

R1: 0.8959

Pivot: 0.8941

S1: 0.8933

S2: 0.8912

S3: 0.8883

Trading recommendation:

We remain long EUR from 0.8760 with our stop placed at 0.8860.

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