FX.co ★ Elliott wave analysis of EUR/USD for August 4, 2023

EUR/USD has now tested the uptrend line from the 0.9536 low and should be ready to turn higher for a break above minor resistance at 1.1020 confirming that the correction in wave ii now is complete and wave iii towards 1.1444 is ready to rally higher.

Only a break below short-term important support at 1.0833 will invalidate our immediate bullish outlook and call for more downside pressure towards 1.0638. This is not our favored outlook and we are instead looking for a break above resistance at 1.1020 for more upside pressure in wave iii.