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

EUR/USD has launched the next part of the impulsive rally and should soon test minor resistance at 1.1060 before continuing higher towards the former peak at 1.1276. In the longer term, we continue to look for a rally higher towards 1.2930.

In the short term, we see support at 1.0872 and then at 1.0825. The latter should be able to act as a floor as EUR/USD continues higher towards 1.1276 and above.