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02.10.2023 06:46 AM
Elliott wave analysis of EUR/USD for October 2, 2023

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EURUSD has rallied nicely to test resistance at 1.0610 and the first attempt to break above here failed, which isn't a big surprise. However, we expect a new attempt to be seen soon. This time, we should see a clear break above this resistance for a continuation towards key resistance at 1.0768. Only a break above here will confirm that wave 2 has been completed and wave 3 higher now is in motion.

In the short term, we will look for support in the 1.0537 - 1.0552 area for a new push higher to test resistance at 1.0610. This time, we foresee a clear break above this minor resistance for a continuation towards 1.0768.

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