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FX.co ★ Elliott wave analysis of EUR/USD for August 31, 2022

Elliott wave analysis of EUR/USD for August 31, 2022

Elliott wave analysis of EUR/USD for August 31, 2022

EUR/USD has once again tested the parity level, but we see weakness in the latest decline as well as a complete five-wave decline from 1.1495 to 0.9950. Do we still expect EUR/USD to move lower? Yes, we do as long as resistance at 1.0369 remains the cap. A break above resistance at 1.0369 will be a strong indication that the decline in wave 2 has been completed and wave 3 is ready to take over for a new impulsive rally. However, for now, we need to see EUR gain some ground over USD. More importantly, we need to see a break above the resistance at 1.0369.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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