FX.co ★ Elliott wave analysis of EUR/USD for May 25, 2023

As we expected, EUR/USD has broken below support at 1.0762 adding to the downside pressure. We continue to look for a dip closer to our ideal target near 1.0532 to complete wave II and set the stage for the next impulsive rally higher towards at least 1.1495 and likely much higher.

Short-term the former support at 1.0762 now act as resistance, but we must allow for a temporary rally towards 1.0833 before renewed downside pressure should be expected.