For Traders

Analytical Reviews

Wave analysis

21.06.202207:05 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for June 21, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.