FX.co ★ Elliott wave analysis of EUR/USD for August 30, 2023

EUR/USD is currently testing the resistance line from 1.1276 which needs to be broken to get the first strong indication that wave 2/ has been completed and wave 3/ higher towards 1.1444 is unfolding. A break above the resistance line and, more importantly, a break above resistance at 1.0932 will confirm that wave 3/ is in motion.

Support is now seen at 1.0808 which is expected to act as a floor for the break above the resistance line and likely 1.0932.