FX.co ★ Elliott wave analysis of EUR/USD for April 27, 2021

EUR/USD completed circle wave 4 at 1.1703 a perfect 38.2% correction of circle wave 3. Circle wave 5 is now in motion and the ideal target at 1.2763. Short-term we expect a minor correction to the support-area between 1.1950 - 1.1987 before a break above the resistance-line near 1.2118 for the next part of the impulsive rally in circle wave towards 1.2763.

The hidden divergence between circle wave 4 and wave 4 of circle wave 3 is a giver away that the rally from 1.0636 still is in motion and one more impulsive rally is needed to complete the five wave rally from 1.0636.

Trading recommendation:

Buy EUR near the 1.1950 - 1.1987 support-area for the next impulsive rally towards 1.2763.