FX.co ★ Elliott wave analysis of EUR/USD for December 14, 2021

As long as EUR/USD is trading below short-term resistance at 1.1383, we could see a final spike lower to test the 70.7% target at 1.1139 before the completion of wave 2. However, if minor resistance at 1.1383 gives away, it will indicate that wave 2 has already been completed and wave 3 is in motion for a rally towards 1.3993.