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20.07.202206:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for July 20, 2022

Exchange Rates 20.07.2022 analysis

EUR/USD broke above the minor resistance at 1.0221 with ease and we are now looking for more upside progress towards the key resistance at 1.0627. A break here will be a confirmation that wave 2 has completed and wave 3 higher has taken over.

Once wave 3 is confirmed the long-term target will be way above the peak of wave 1 at 1.6038. But for now, our focus should be fixed on the key resistance at 1.0627 as our guide for the next big move.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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