FX.co ★ Elliott wave analysis of EUR/USD for October 31, 2022

EUR/USD reached a high of 1.00937 which makes the second rally from 0.9632 to 1.00937 equal in length to the first rally from 0.9536 to 0.99997. Equality between two minor rallies like this could imply that we have only seen a corrective rally. So, one final decline to test the former low at 0.9536 or even slightly below will follow. That means we are in limbo at this point. We need to see a clear break above the minor resistance at 1.00954 to remove the possibility of a final retest of the 0.9536 low. However, a break above minor resistance at 1.00954 will confirm that we have seen a long-term low and call for more upside pressure towards 1.0198 and much higher in the longer term.