FX.co ★ Elliott wave analysis of EUR/USD for July 29, 2021

EUR/USD finally broke clearly above short-term important resistance at 1.1830 indicating circle wave iv being complete and circle wave v now being in motion for a rally towards the long-standing target at 1.2763 that will complete the five wave rally from the March 2020 low at 1.0636.

The next short-term target to look for and challenge is seen at 1.1975 and a break above here will cement that fact that circle wave v has take over and more upside towards 1.2763 should be expected in the weeks ahead.

Trading recommendation:

Buy EUR and place your stop just below 1.1750 for a rally towards 1.2763