FX.co ★ Elliott wave analysis of EUR/USD for November 22, 2022

EUR/USD has moved down to test support at 1.0236 as we expected. Therefore, we don't need anymore downside progress, but to conclude that the corrective decline has been completed, we also need a break above resistance at 1.0305 and more importantly a break above resistance at 1.0396 that will call for the next impulsive rally towards 1.0782 and 1.0926 as the next upside targets.

As we need a break above minor resistance at 1.0305 as an indication that the corrective decline has been completed. We also need to accept the possibility of more downside pressure towards 1.0172 before the correction finally comes to an end and a new impulsive rally can begin.