FX.co ★ Elliott wave analysis of EUR/USD for July 28, 2022

EUR/USD needed a final spike to just below the 50% corrective target at 1.0111 to complete the correction in wave ii/ and we should now look for a break above minor resistance at 1.0258 as confirmation that the next impulsive rally in wave iii/ is unfolding towards 1.0644 and possibly higher.

That said, we also need to respect the possibility of an even more complex correction unfolding if the break above minor resistance at 1.0111 fails, that is not our preferred scenario, but one that we can't exclude at this point.