FX.co ★ Elliott wave analysis of EUR/USD for May 15, 2023

EUR/USD has been correcting since it peaked at 1.1095. This could potentially be the completion of wave I of the low at 0.9538. If the instrument breaks below key support at 1.0788, this count will be confirmed and more downside progress towards 1.0516 should be seen in the weeks ahead. That said our preferred count. As long as key support at 1.0788 is able to protect the downside, we will continue to look for renewed upside progress towards 1.1248 and likely closer to 1.1424 before the first impulsive rally from 0.9538 is complete and a larger correction begins to unfold.