FX.co ★ Elliott wave analysis of EUR/USD for June 6, 2023

We are currently looking for the final drop lower to 1.0525. This will complete wave II and set the stage for a new impulsive rally that ultimately will break above resistance at 1.1096. However, for now, we will stay focused towards the downside and the final plunge lower to 1.0525.

Only an unexpected break above resistance at 1.0831 will indicate that wave II is completed already and the new impulsive rally in wave III is unfolding.