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13.03.2020 11:42 AM
Elliott wave analysis of EUR/GBP for March 13, 2020

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Yesterday we showed the long-term count for EUR/GBP and today we will do a follow-up for the short-term count.

We where looking for EUR/GBP to peak near 0.8903 and we have seen a high of 0.8932. what we need now is a break below minor support at 0.8818 as the first good indication that wave B has peaked and wave C lower to 0.75 is developing. A break below support at 0.8741 will confirm the completion of wave B and the onset of wave C.

R3: 0.8932

R2: 0.8910

R1: 0.8890

Pivot: 0.8863

S1: 0.8837

S2: 0.8818

S3: 0.8741

Trading recommendation:

We sold EUR at 0.8900 and we have placed our stop at 0.8950

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