FX.co ★ Elliott wave analysis of EUR/USD for October 17, 2022

EUR/USD has been very strong for years, but we have either seen the corrective low with the test of 0.9536 or the test is very close to the bottom at 0.9507. We can count five waves down from 1.2350. Besides, our indicators are flashing positive divergence. Eventually, we have Barron's showing a cover of the "Powerful Greenback". All these factors are indicating that a corrective low either is in place already or the pair is about to develop a rally above minor resistance at 1.0000 and more importantly a break above resistance at 1.0200 for the next impulsive rally. The next impulsive rally will ultimately break above the peak of wave A at 1.6038.