FX.co ★ Elliott wave analysis of EUR/USD for June 20, 2023

EUR/USD completed its wave 2 correction with the test of 1.0635, a bit early as the ideal target would have been near the low of wave A at 1.0516. However, the rally past 1.0779 confirmed that wave C was done and the next impulsive rally in wave 3 towards at least 1.2007 was in motion.

Short-term we wee support in the 1.0782 - 1.0831 area for the next impulsive rally towards 1.1033 and ultimately above here too for the expected rally towards at least 1.2007 and more likely closer to 1.2928, where wave 3 will be 1.618 times the length of wave 1.