FX.co ★ Elloitt wave analysis of EUR/USD for July 25, 2022

EUR/USD broke below support at 1.0153 which told us that wave i was completed with the test of 1.0269 and the corrective decline/consolidation in wave ii was unfolding. Apparently, this wave ii's correction completed with the test of 1.0130 and we should ideally see resistance at 1.0269 be broken for a rally towards at least 1.0643 and possibly even higher than that.

Support is now seen in the 1.0176 - 1.0182 area which ideally will act as a pivot point for the next rally towards and likely break above resistance at 1.0269.