FX.co ★ Elliott wave analysis of EUR/USD for October 17, 2023

EUR/USD needs to rally past resistance at 1.0600 and, more importantly, above resistance at 1.6040 to confirm that wave 3 has taken over for an impulsive rally towards 1.2085 in the weeks/months ahead. That said, a break below support at 1.0482 will shift the focus towards a final dip to test the 1.0436 target before completing wave 2 and setting the stage for wave 3 higher.

So, no matter which scenario comes through the best part of the corrective decline from 1.1276 is clearly behind us, but the question remains whether a final dip to 1.0436 is needed or not.