FX.co ★ Elliott wave analysis of EUR/USD for December 23, 2022

EUR/USD has begun the final part of its decline to the corrective target at 1.0469 from where the next impulsive rally towards 1.0927 and likely 1.1384 is expected. In the short term, a break below minor support at 1.0573 will confirm the descent towards 1.0469 to complete the correction in wave 4/.

In the longer term, we are looking for EUR/USD to move much higher and ultimately break above the 2011 peak at 1.6038.