Elliott wave analysis of EUR/USD for June 11, 2021

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

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