FX.co ★ Elliott wave analysis of EUR/USD for December 19, 2022

EUR/USD has tested minor resistance at 1.0736. It's time for a minor correction toward 1.0468 before the next impulsive rally higher to 1.0927 and to finish waves 5/ and 3. Once wave 3 has been completed, wave 4 should be a more sideways and complex corrective wave. As wave 2 was sharp and deep, we should expect wave 4 to be shallow and complex in its structure.

Longer term, we are looking for EUR/USD to continue moving higher and ultimately break above the 2011 high at 1.6038.