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

EUR/USD is adding pressure on resistance at 1.0831. We have not seen a clear break above this resistance, so we will need to confirm that wave II has already been completed with the test of 1.0635 and will miss the final spike lower to our ideal target at 1.0525 to complete wave II. That said, as long as minor resistance at 1.0865 is able to cap the upside, we still could see this final spike lower to test 1.0525, but the odds have dropped and the risk of an imminent impulsive rally above 1.0865 has increased. A break above 1.0865 will call for a continuation higher to 1.1042 and ultimately higher as wave III gains momentum.