Elliott wave analysis of EUR/USD for August 25, 2023

EUR/USD continues to push lower and is currently testing support in the 1.0735 - 1.0760 area which should be able to protect the downside for the next impulsive rally higher. That said, we will need a break above minor resistance at 1.0877 to get the first strong indication that the corrective decline from 1.1276 has been completed and the next impulsive rally in wave 3/ is ready to unfold towards the 1.1444 target.

At no point can support at 1.0635 be broken as that will force a new alternative count to come into play.