FX.co ★ Elliott wave analysis of EUR/USD for November 16, 2023

EUR/USD should continue higher towards the next minor target at 1.1054 and ultimately we will continue to look for EUR/USD to move higher towards the long-term target at 129.30. In today's other analysis, we look at the US 10Y bond yield. It's clear that the Treasury yields have peaked for now and a larger corrective decline from 5% towards 3.25% now is unfolding. This will also add pressure to the US dollar and support the uptrend in EUR/USD towards 1.1054 and above.

Let's be clear, the European economy isn't better than the US one, but with the underlying trend for EUR/USD nothing at the moment seems to be able to change the underlying uptrend. Therefore, we should expect some kind of upside acceleration in EUR/USD in the months ahead.