FX.co ★ Elliott wave analysis of EUR/USD for July 1, 2021

EUR/USD is testing the support line from March 2020 near 1.1835 this support is expected to protect the downside for renewed upside pressure through minor resistance at 1.1976 indicating that wave 3 of circle wave v is in motion towards the ideal target seen at 1.2763.

Only a break below the start of wave 1 at 1.1704 will invalidate our bullish count and indicate that circle wave v completed already at 1.2350 in January 2021 and the decline since then is part of a larger corrective decline.

Trading recommendation:

Buy EUR and place you stop at 1.1700