FX.co ★ Elliott wave analysis of EUR/USD for September 14, 2022

EUR/USD is clearly showing signs of a bottom being in place at 0.9903. If our count is correct, the ongoing decline is an expanded flat correction which could retest the 61.8% corrective target of wave 1 at 0.9959 from where a new impulsive rally should be expected towards 1.0369 and likely even closer to 1.0784 before the next more sizable correction.

Only an unexpected break below 0.9903 will invalidate our bullish count and tell us that larger wave 2 still is in progress, but the potential downside should be very limited in that case.