FX.co ★ Elliott wave analysis of EUR/USD on May 24, 2022

EUR/USD has now broken above minor resistance at 1.0642 which was the first good indication that circular wave 2 has completed and circle wave 3 now is ready to take over for the next impulsive rally towards 1.3939. Of course, we would like to see even more evidence that circular wave 3 has taken over and a break above 1.0757 will be another good indication that this is in fact the case.

Short-term we see support at 1.0533 that ideally will be able to protect the downside, but only a break below 1.0350 will invalidate our bullish scenario.