FX.co ★ Elliott wave analysis of EUR/USD for November 2, 2021

EUR/USD has most likely completed the corrective decline in wave 2 just above the 50% corrective target at 1.1491 (the low has been seen at 1.1523). As long as minor resistance at 1.1692 is able to protect the upside, we could see a final dip closer to the 50% corrective target, but all requirement to the corrective decline in wave 2 has already been fulfilled. Therefore our focus should be locked on a break above minor resistance at 1.1692 as the "GO" for the next impulsive rally in wave 3 to way above the peak of wave 1 at 1.2350.