FX.co ★ Elliott wave analysis of EUR/USD for August 9, 2023

We have seen EUR/USD move slightly below our ideal target at 1.0945 to test support at 1.0929. We expect this support to act now as a floor for a break above the minor resistance of 1.1012, confirming that the corrective decline from 1.1048 is completed and a new impulsive rally is developing towards 1.1150 and 1.1275 towards the 1.1444 target.

If support at 1.0929 gives away, then a continuation of the corrective decline from 1.1275 should reach strong support at 1.0833. This is not our preferred outlook, but as long as resistance at 1.1012 stays untouched, it is a possibility.