FX.co ★ Elliott wave analysis of EUR/USD for May 30, 2023

EUR/USD continues lower as expected. We continue to look for a move closer to 1.0525 as the ideal downside target for the corrective wave II. Once wave II is complete, a new impulsive rally is expected, but for now, we should stay focused towards the downside only interrupted by temporary consolidations.

Short-term we see resistance near 1.0763 that ideally will cap the upside for more downside pressure towards 1.0628 and then 1.0525.