EUR/USD will continue it’s rise to approximate 1.27 before the earlier decline to 1.16 will be resumed. A significant move above 1.27 invalidates this scenario.

Elliott wave forecast

The current scenario is still similar to the last update given on May 21st, except some minor changes for a better balance and proportion. A short position is already in place since March this year, where I entered short on 1.3476 with a stoploss on 1.3818. The current open profit is approximate 350% of the initial risk. This short position could be kept in place, but i also open a shorter time frame long position on another account to benefit from the current bullish forces.

The third wave of a minuette bearish impulse is set and we are currently in a bullish correction to set the 4th wave. This wave will probably end around 1.27 if the zigzag doesn’t extend into a double or a triple zigzag. For now, long positions with a stoploss on 1.2480 and target on 1.2690 are advised.

EURUSD Chart