FX.co ★ Elliott wave analysis of EUR/USD for July 12, 2023

EUR/USD has now tested strong resistance at 1.1033. We expect a temporary setback to support near 1.0941 before the next likely successful break above resistance at 1.1033 for a rally towards 1.1444 and 1.1820 as the next upside targets before the ideal 1.2007 target.

For now, look for a temporary setback close to support at 1.0941 and then strongly higher in wave 3/ of 3.