FX.co ★ Elliott wave analysis of EUR/USD for May 28, 2021

EUR/USD may rise to 1.2763 once the minor correction is completed near 1.2040. The rally to 1.2763 should complete circle wave 5 and the impulsive rally that began in March 2020. Once circle wave 5 is completed, we should be looking for the larges correction. It should take more than three months and decline more than 600 pips before the next impulsive rally should be expected.

However, for now, we should expect a minor dip close to 1.2040 and then higher to the expected 1.2763 target.

Trading recommendation:

Buy EUR near 1.2040 for the next impulsive rally towards 1.2763 where profit should be taken