10.05.202106:20 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for May 10, 2021

Exchange Rates 10.05.2021 analysis

EUR/USD continues to push higher and should soon see a test of resistance at 1.2243 and above here call for 1.2350 on the way higher to the circle wave 5 target at 1.2763 to complete the five wave rally from 1.0336. Once this five wave rally is complete the largest correction since 1.0336 bottom should be expected.

When we said the largest correction, we mean both points and time wise, which means that the correction should be at least 646 pips and take at least 83 calendar days. But for now our focus should remain higher towards the ideal target near 1.2763

Trading recommendation:

Buy EUR for the final rally towards 1.2763 to complete the five wave rally from 1.0336. Once we are near 1.2763 take profit and turn the position 180 degrees around to short EUR for the largest correction since late March 2020.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert
InstaForex Group © 2007-2021
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