FX.co ★ Elliott wave analysis of EUR/USD for August 15, 2023

EUR/USD continues to follow the expected path lower towards the 1.0833 target, where we expect the corrective decline in wave ii to complete for the next impulsive rally higher towards the 1.1444 target.

Short-term we see minor resistance at 1.0934. We expect the level will be able to act as a cap for the decline towards 1.0833, but only a break above resistance at 1.0960 will indicate that wave ii has completed prematurely.