FX.co ★ Elliott wave analysis of EUR/USD for September 28, 2022

EUR/USD tested the upper part of our target zone between 0.9507 - 0.9547. As long as resistance at 0.9709 is able to cap the upside, we could see EUR/USD trying to push lower towards the lower part of our target zone. However, the potential downside should be very limited from here.

A break above resistance at 0.9709 will be a strong indication that wave II or B has completed and wave III or C will be unfolding for an ultimate break above the top of a wave I or A at 160.08.