FX.co ★ Elliott wave analysis of EUR/USD for August 11, 2023

We saw the expected test and break above the resistance at 1.1048 but we also saw a false breakout above the short-term important resistance at 1.1048, indicating that more downside progress is needed towards the support at 1.0833 before the corrective decline from 1.1265 is finally complete and a new impulsive rally towards 1.1444 can be seen.

Short-term resistance is now seen at 1.1010, which is likely to act as a cap towards the upside for more downside pressure towards 1.0912 and 1.0833. Only a direct break above the peak at 1.1030 will ease the downside pressure and indicate that the corrective decline from 1.1265 has completed and the rally towards 1.1444 is unfolding.