FX.co ★ Elliott wave analysis of EUR/GBP for March 17 - 2020

EUR/GBP continued to move as expected into the target-zone between 0.9102 - 0.9141 (the high has been seen at 0.9150). We will now be looking for a break below minor support at 0.9025 as the first strong indication that wave B has peaked, while a break below resistance at 0.8978 confirms the peak of wave B and the onset of wave C to a low near 0.7500.

As long as minor resistance at 0.9025 is able to protect the downside, we could see a final spike above the 0.9150 peak but the potential upside from here should be very limited.

R3: 0.9221

R2: 0.9190

R1: 0.9150

Pivot: 0.9091

S1: 0.9063

S2: 0.9025

S3: 0.8976

Trading recommendation:

We sold EUR at 0.9085 and has placed our stop at 0.9185.