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
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