FX.co ★ Elliott wave analysis of EUR/GBP for March 18 - 2020

EUR/GBP has barely moved since our last update. EUR/GBP has moved inside a narrow range between 0.9064 - 0.9150. It is expected to break below minor support at 0.9064 and more importantly below support at 0.9025 to confirm that wave B has peaked and wave C is in motion.

Once support at 0.9025 gives away, we will be looking for a quick decline to 0.8650 - 0.8743. Wave C is likely to lower to the symmetrical triangles support-line near 0.7500.

R3: 0.9221

R2: 0.9190

R1: 0.9150

Pivot: 0.9064

S1: 0.9025

S2: 0.8976

S3: 0.8931

Trading recommendation:

We sell EUR from 0.9085 with our stop at 0.9185. If this scenario does not come true, we will sell EUR again at 0.9190 or upon a break below 0.9064