FX.co ★ Elliott wave analysis of EUR/USD for March 31, 2021

EUR/USD has reached the expected support-area between 1.1615 to 1.1695 and should soon see a low for the next impulsive rally to above the peak of wave 1 at 1.2350. It's of course possible that wave 2 will be more complicated, but even if this is the case this part of wave 2 should be near completion and a rally back to the former top near 1.2350 should be expect anytime now.

Short-term a break above minor resistance at 1.1760 will indication that wave 2 has completed and renewed strength towards at least 1.2350 should be expected.

Trading recommendation:

Buy EUR in the 1.1615 - 1.1695 zone or more conservatively upon a break above minor resistance at 1.1760 and place your stop just below the most recent low.