16.06.202106:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for June 16, 2021

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We have seen the expected correction in EUR/USD and the price is now at a place were an impulsive rally higher could take place. We are looking for the final rally higher to 1.2736 to complete the five wave rally that began in March 2020. Once this five wave rally is complete, we should be looking for a more substantial correction towards at least 1.1730, but for now our main focus should remain towards the upside and a break above minor resistance at 1.2218 and more importantly a break above 1.2243 confirm the next leg higher towards 1.2736

Trading recommendation:

Buy a break above 1.2218 for the next impulsive rally towards 1.2736 where profit should be booked

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