For Traders

Analytical Reviews

Wave analysis

03.04.202007:03 Forex Analysis & Reviews: Elliott wave analysis of EUR/GBP for April 3, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The corrective decline in wave iv continued lower to the 61.8% corrective target at 0.8747 as expected. This likely marks the completion of wave iv, but we need a break above minor resistance at 0.8818 and more importantly a break above resistance at 0.8867 to confirm that wave iv has completed and wave v towards our ideal target at 0.9742 is developing.

As long as minor resistance at 0.8818 is able to cap the upside, we still could see a final spike to just below 0.8747, but the downside should be very limited from here.

R3: 0.8867

R2: 0.8818

R1: 0.8784

Pivot: 0.8773

S1: 0.8747

S2: 0.8715

S3: 0.8682

Trading recommendation:

We bought EUR at 0.8760 and we have placed our stop at 0.8700.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.