FX.co ★ Elliott wave analysis of EUR/USD for June 18, 2021

Hawkish statements from FED push EUR/USD lower, but besides changing the sub-counts it doesn't change the larger count, which still calls for a rally towards 1.2763 as long as key support at 1.1704 is able to protect the downside.

We are looking for support near in the 1.1893 - 1.1919 area, which is expected to act as a floor for the next impulsive rally higher towards short-term resistance at 1.2105 that will confirm wave 2 has completed and wave 3 to above 1.2266 towards 1.2763 is in motion.

Trading recommendation:

Look for a bottom near 1.1893 a buy cautiously with a stop below 1.1704 for the next strong push higher.