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27.03.202010:17 Forex Analysis & Reviews: Elliott wave analysis of EUR/GBP for March 27, 2020

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EUR/GBP has re-tested support at 0.8995 (the low has been seen at 0.9004) and we do think a little more downside could be seen before the next impulsive rally higher towards the ideal target at 0.9742 takes place.

Short-term a break above minor resistance at 0.9100 will be an indication, that wave iv has completed, while a break above resistance at 0.9244 will confirm wave v is under way towards the 0.9742 target.

R3: 0.9244

R2: 0.9155

R1: 0.9100

Pivot: 0.9052

S1: 0.9004

S2: 0.8995

S3: 0.8948

Trading recommendation:

We bought EUR ar 0.9010 and we will place our stop at 0.8910.

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