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

EUR/USD is break above the ending diagonal resistance line, but still needs to clear short-term resistance at 1.1830 to confirm circle wave iv has completed and circle wave v is unfolding towards the long-term target at 1.2763 to complete the five wave rally from the March 2020 low at 1.0636.

A break above resistance at 1.1830 will call for a rally higher to 1.2243 on the way higher to 1.2763.

Trading recommendation:

Buy a break above 1.1830 for a rally towards 1.2763. Stop should be set at 1.1700