FX.co ★ Elliott wave analysis of EUR/USD for November 16, 2021

Wave 2 has extended its corrective decline towards the 61.8% corrective target - 1.1292. Despite the deeper corrective drop, it does not change the overall picture of the decline from 1.2350 being a correction and not a new impulsive wave lower.

Once EUR/USD reaches the 61.8% corrective target at 1.1292, we expect to see a long-term low for the next impulsive rally higher towards 1.3993.