FX.co ★ Elliott wave analysis of EUR/USD for October 10, 2023

EUR/USD is still expected to test and likely break clearly above the key resistance at 1.0617 shortly. A break above here will confirm that wave 2 has been completed and wave 3 is unfolding for a rally towards 1.1276 on the way higher towards 1.2085 and likely above.

That said, we also have to acknowledge that a final spike lower to test support at 1.0436 remains a slim possibility as long as the key resistance at 1.0617 remains untouched. However, a dip closer to 1.0436 should be short-lived and quickly be reversed higher again.