Elliott wave analysis of EUR/GBP for May 27, 2020

analytics5ecdf9a65e032.jpg

EUR/GBP is finally back to test the neckline support at 0.8866. This former resistance which now acts as support should be able to protect the downside for renewed upside pressure through minor resistance at 0.8930 indicating the next impulsive rally towards 0.9065 on the way higher to and above the peak at 0.9495.

In the short-term, we should see a final dip to test the key-support at 0.8866 before EUR/GBP will be ready to turn higher again.

R3: 0.9000

R2: 0.8955

R1: 0.8930

Pivot: 0.8910

S1: 0.8880

S2: 0.8866

S3: 0.8844

Trading recommendation:

We are long EUR from 0.8760 and our stop is placed at 0.8815.

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

Source:: Elliott wave analysis of EUR/GBP for May 27, 2020

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*