FX.co ★ Elliott wave analysis of EUR/USD for September 30, 2022

We have seen the expected rally from the 0.9731 low. Now, the pair need to stay above support at 0.9635 and break above minor resistance at 0.9851 to add confidence to our bullish count. A failure to break above minor resistance at 0.9851 will make the rally from 0.9731 looks corrective. It could force a retest and likely even a slight break below this level for a test of the lower part of our target zone at 0.9707.

A clear break above minor resistance at 0.9851 will on the other hand strengthen our bullish case calling for a continuation towards 1.0051 and more importantly a test of resistance at 1.0198 on the way higher.