FX.co ★ Elliott wave analysis of EUR/USD for October 24, 2023

EUR/USD has broken clearly through resistance at 1.0617 confirming that wave 2 has completed with the test of 1.0448 and wave 3 now is in motion for a rally towards 1.2085. The former resistance at 1.0617 will now act as support, but only an unexpected break back below support at 1.0495 will shift the focus back towards the downside. The odds for this possibility are very low.

The next minor upside target is seen at 1.0805, but this should prove to be a temporary barrier on the way higher towards 1.1276 and 1.2085.