FX.co ★ Elliott wave analysis of EUR/USD for May 24, 2023

EUR/USD continues to follow the expected path and should break below support at 1.0765 soon for a continuation lower towards the ideal target at 1.0532. The expected dip to test 1.0532 should complete wave II and set the stage for the next impulsive rally above 1.1042 towards at least 1.2100.

But for now, we will stay focused towards the downside and will be looking for a break below support at 1.0765 confirming more downside pressure towards 1.0532.