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27.05.202209:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for May 27, 2022

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EUR/USD continues to make new highs and we now see a nice five-wave rally in wave iii/. This wave iii/ should see more upside closer to 1.0806 before completing and setting the stage for a temporary correction/consolidation in wave iv/ before the final wave v/ higher to complete wave i. The ongoing rally will only be the first impulsive rally in a series of impulsive rallies we will see over the coming weeks/months. Ultimately, we are looking for circular wave 3 to make it all the way to 1.3939.

Meanwhile, we continue to look for more upside as wave i has more room to cover towards the upside

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