empty
 
 

11.06.202106:14 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for June 11, 2021

Exchange Rates 11.06.2021 analysis

EUR/USD has been trading sideways for almost a month now and could trade sideways a bit longer. Once this consolidation phase is complete, a break through the resistance at 1.2243 is expected for a further rise to the ideal circle wave 5 target seen at 1.2763. This will complete the five wave rally from the March 2020 low at 1.0727 and set the stage for a correction towards at least 1.1704.

However, for now our focus should be towards a break above the resistance at 1.2243 and the final rally higher to 1.2763.

Trading recommendation:

Buy after a break above the resistance at 1.2243 for a rally towards 1.2763 as the ideal upside target.

*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
Benefit from analysts’ recommendations right now
Top up trading account
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.

Can't speak right now?
Ask your question in the chat.