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Wave analysis

22.05.202305:59 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for May 22, 2023

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Exchange Rates 22.05.2023 analysis

EUR/USD broke below key support at 1.0788 which flipped the preferred count over to a complete five-wave rally from 0.9505 to 1.1096. So, we should now expect a more prolonged corrective decline towards 1.0535 in wave II.

Short-term we could see EUR/USD's move a bit higher to 1.0910 before the next push lower towards the ideal 1.0535 target.

Torben Melsted
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