FX.co ★ Elliott wave analysis of EUR/USD for August 29, 2023

EUR/USD has met resistance and should soon start recovering. A break above minor resistance at 1.0877 will be the first strong sign that EUR/USD has bottomed and is ready for the next push higher through key resistance at 1.0932 for a run towards the long-term target at 1.1444.

It will need an unexpected break below key support at 1.0635 to invalidate our bullish stance and activate an alternative scenario for the rally from 0.9536.