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FX.co ★ Elliott wave analysis of EUR/USD for August 11, 2023

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Forex Analysis:::2023-08-11T03:59:22

Elliott wave analysis of EUR/USD for August 11, 2023

Elliott wave analysis of EUR/USD for August 11, 2023

We saw the expected test and break above the resistance at 1.1048 but we also saw a false breakout above the short-term important resistance at 1.1048, indicating that more downside progress is needed towards the support at 1.0833 before the corrective decline from 1.1265 is finally complete and a new impulsive rally towards 1.1444 can be seen.

Short-term resistance is now seen at 1.1010, which is likely to act as a cap towards the upside for more downside pressure towards 1.0912 and 1.0833. Only a direct break above the peak at 1.1030 will ease the downside pressure and indicate that the corrective decline from 1.1265 has completed and the rally towards 1.1444 is unfolding.

Analyst InstaForex
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