FX.co ★ Elliott wave analysis of EUR/USD for July 22, 2022

We have seen a nice rally in EUR/USD from the 0.9958 low and the rally will ideally see one more spike higher to test resistance at 1.0351 to complete wave 1/. That said it's possible to count the rally as complete with the spike to 1.0269 and the consolidation since then as wave 2/. If the latter proves correct, then the next impulsive rally will break above 1.0369 with ease.

Short-term we see support at 1.0186 and again at 1.0153 which ideally will act as a stage for the next rally higher towards 1.0351 and possibly higher if wave 3/ is already in progress.