FX.co ★ Elliott wave analysis of EUR/USD for November 16, 2022

EUR/USD rallied nicely to resistance at 1.0480 and was rejected for a corrective set-back towards 1.0208 and possibly even closer to 1.0090 before the next swing higher through resistance at 1.0480 for a rally towards 1.0777 and likely even closer to 1.0944.

In the longer term, we are looking for much higher levels as wave 3 really starts to act like a third-wave impulsive rally as it is, but as always let's take it in baby steps as wave 3 progresses higher.