Elliott wave analysis of EUR/GBP for May 28, 2020

Posted On 28 May 2020

EUR/GBP continues to climb up as expected and a break above minor resistance at 0.9006 will call for a continuation of a rally higher to 0.9085 and 0.9183 as the next minor targets on the way higher. In the longer-term, we are looking for EUR/GBP to reach the former peak at 0.9499 and even break above here for a rally towards 0.9800.

Short-term support is seen at 0.8958 which is expected to be able to protect the downside for the expected break above 0.9000.

R3: 0.9085

R2: 0.9036

R1: 0.9000

Pivot: 0.8958

S1: 0.8941

S2: 0.8923

S3: 0.8908

Trading recommendation:

We are long EUR from 0.8760 and we will move our stop higher to 0.8860

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

Source:: Elliott wave analysis of EUR/GBP for May 28, 2020

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