FX.co ★ Elliott wave analysis of EUR/USD for September 28, 2023

EUR/USD has tested its ideal corrective target at 1.0530 and should be ready to turn higher in a new impulsive wave. The instrument ultimately should move towards new highs near 1.2085. That said, it should not come as a surprise if the bottom-building needs a bit of time. However, a break above resistance at 1.0768 will confirm that the bottom is in place and wave 3 higher towards 1.2085 is unfolding. For now, we need to stay patient and see how the bottom-building process is unfolding, but it should just be a matter of time before resistance at 1.0768 is broken.