FX.co ★ Elliott wave analysis of EUR/USD for October 6, 2022

EUR/USD has tested the 0.9984 resistance and was rejected from there. However, as long as support at 0.9734 is able to protect the downside, we will be looking for a retest of the 0.9984 resistance. Apparently, this time a breakout for a continuation higher towards resistance at 1.0051 and more importantly resistance at 1.0197 as well as a break above the latter will confirm that we have found a long-term corrective low and a new impulsive rally has begun. This new impulsive rally should ultimately break above the top of wave 1 or A at 1.6038, but as always let's take the potential new impulsive rally in baby steps.

A break below support at 0.9734 will cause a retest and likely a minor break of the 0.9535 low.