FX.co ★ Elliott wave analysis of EUR/USD for October 20, 2023

EUR/USD remains undecided whether a final dip closer to 1.0435 or a direct break above resistance at 1.0617 will be seen. We must stay patient and be ready if a direct break above resistance at 1.0617 and, more importantly, a break above resistance at 1.0640 occurs. It will signal that the correction in wave 2 has been completed and wave 3 has taken over for a rally towards 1.2085 and possibly higher.

That said, we also have to accept the possibility of a final dip towards the 1.0435 target before wave 2 finally completes, but the instrument is clearly in the final stages of this corrective decline.