FX.co ★ Elliott wave analysis of EUR/USD for June 21, 2022

Will we see EUR/USD continue to stay above key-support at 1.0340 (bullish count) or will we see EUR/USD ultimately break below 1.0340 for a move closer to 0.9900 (bearish count)? We still prefer the bullish scenario. In this context, the currency pair has settled above the key support at 1.0340 for a break above the minor resistance at 1.0787 confirming, that circle wave 2 has completed and circle wave 3 is developing for an ultimate break above circle wave 1 at 1.2556 on the way higher towards 1.6038 and above. For now, the question remains whether the key support at 1.0340 will protect the downside for a break above 1.0787 (the bullish outlook) or the key support at 1.0340 will break for a dip closer to 0.9900 (the bearish case).