FX.co ★ Elliott wave analysis of EUR/USD for August 23, 2023

EUR/USD tried to break above short-term key resistance at 1.0918 but failed, which was the set-up for a full-blown test of the 1.0833 target. With our ideal target tested, the odds are that wave ii is over and resistance in the 1.0918 -1.0930 area will be re-tested soon. This time, we should expect a firm break above resistance at 1.0930 for more upside pressure towards 1.1065 and 1.1275 on the way towards 1.1444.