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01.08.2023 07:30 AM
Elliott wave analysis of EUR/USD for August 1, 2023

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The long-term uptrend remains firmly in place and we are looking for renewed upside pressure once the correction from 1.1276 is complete. A break above minor resistance at 1.1048 and more importantly, a break above resistance at 1.1150 could confirm that a new impulsive rally is unfolding towards at least 1.1444 and likely higher.

Short-term we see support at 1.0984 and then at 1.0943 which we expect will act as a floor for the break above resistance at 1.1048. If, however, a break below support at 1.0943 is seen, this break should be short-lived and will quickly be rejected, so a turn higher should be expected.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2025
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