FX.co ★ Elliott wave analysis of EUR/USD for August 16, 2023

EUR/USD continues to add pressure towards the downside for a test of the corrective target seen at 1.0833. Once this target is reached, we will be looking for signs of a bottom and a new impulsive rally towards the 1.1444 target.

Short-term we continue to see minor resistance near 1.0950 that is expected to act as a cap for the decline to 1.1444 to complete wave ii and set the stage for wave iii higher.