FX.co ★ Elliott wave analysis of EUR/USD for August 2, 2022

The impulsive rally we have been looking for is unfolding nicely. We are still in the very infancy of this rally and we see a lot of moving forward and then a little back, but the upside continues to make progress with higher highs and higher lows as would be expected in an uptrend.

The minor rally from 1.010 made a new high at 1.0294 and took the shape of a leading diagonal. This leading diagonal was completed with a small overthrow to 1.0294. Now we should see a minor correction into support in the 1.0195 - 1.0219 area before the next impulsive rally higher towards 1.0644 or higher.