FX.co ★ Elliott wave analysis of EUR/USD for August 2, 2023

The correction in wave ii looks complete. If correct, it calls for a strong rally in wave iii towards 1.1444 and above. However, we need a break above minor resistance at 1.1048 and more importantly, a break above resistance at 1.1150 to confirm that wave iii indeed is unfolding. This also means that as long as minor resistance at 1.1048 is able to cap the upside, we could see another attempt to re-test support at 1.0977, but any such attempt should be short-lived.