FX.co ★ Elliott wave analysis of EURUSD for November 15, 2023

EUR/USD failed to make a larger consolidation below 1.0656, which indicates another bullish count is unfolding. With the break above resistance at 1.0756, EUR/USD is headed directly towards the next sub-target at 1.1036. Ultimately, we are looking for EUR/USD to move towards the long-term target at 1.2930.

Short-term support is seen in the 1.0715 - 1.0756 area which ideally will act as a floor for the rally towards 1.1036 and above.