FX.co ★ Elliott wave analysis of EUR/USD for August 7, 2023

We are now seeing the first strong signs of a bottom building. We will be looking for a minor corrective decline towards 1.0955 followed by a new rally through short-term important resistance seen at 1.1048. A break above here will activate a small S/H/S bottom for a rally towards important resistance seen at 1.1150. A break above here confirms that wave ii is completed and a new impulsive rally is unfolding towards 1.1444 and above.