empty
 
 
07.05.2020 06:51 AM
Elliott wave analysis of EUR/GBP for May 7, 2020

This image is no longer relevant

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.

Summary
Urgency
Analytic
Torben Melsted
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback