FX.co ★ Elliott wave analysis of EUR/USD for November 11, 2022

EUR/USD has now broken clearly above resistance at 1.0095 removing the risk of the rally from 0.9538 to 1.0095 as an A-B-C correction. So, we should at least expect EUR/USD to continue higher to 1.0302 and ideally even higher. That said, we see strong resistance building up in the 1.0228 - 1.0363 area and expect the rally to be rejected for a while for a setback towards 1.0000 before the next upside assault should be expected.

According to our long-term scenario, the correction from 1.6038 to 0.9538 is complete. We consider the ongoing price action as part of the new impulsive price action and ultimately a rally above the former peak at 1.6038 but that is years ahead in the future.