Elliott wave analysis of EUR/USD for March 25, 2021


EUR/USD is correcting in wave 2 and should ideally see a dip into the support-area between 1.1602 - 1.1696 for where a new impulsive rally in wave 3 is expected towards at least 1.2852 and more likely wave 3 will extend closer to resistance in the 1.4221 - 1.4397 area and set the stage for a new correction in wave 4.

For now the expected correction in wave 2 closer to the support-area between 1.1602 - 1.1696 should be in focus.

Trading recommendation:

Buy EUR in the support-zone between 1.1602 - 1.1696 for the next impulsive rally higher in wave 3

The material has been provided by InstaForex Company - www.instaforex.com