FX.co ★ Elliott wave analysis of EUR/USD on August 11, 2022

EUR/USD broke above minor resistance at 1.0273 and we should see more upside pressure in the near term towards the 1.618 extension target at 1.0610. For the short term, we need a break above the resistance line near 1.0393 for a continuation towards the extension target.

In the short run, we could see a retest of the former resistance, that now acts as support for the next wave higher through 1.0393 towards 1.0610.