FX.co ★ Elliott wave analysis of EUR/USD for May 4, 2022

We are looking for a final spike down to the 1.0430 target from where a strong recovery is expected for EUR and a rally towards 1.3993 as the next major upside target. It is of major importance that the former low at 1.0340 is not broken as a break below here will force a reversion of our bullish count.

In the short term, we need a break above minor resistance at 1.0936 to confirm that a low is in place and a new impulsive rally is in motion.