FX.co ★ Elliott wave analysis of EUR/USD for December 5, 2022

EUR/USD continue to follow the expected path higher. After a break above minor resistance at 1.0481, the upside has been cleared for a rally towards 1.0785 and 1.0926 as the next upside targets.

Longer term, we are looking for much higher levels as we regard the entire corrective decline from 1.6038 as complete and the ongoing impulsive rally should ultimately break above the 2011 peak at 1.6038. That said we should as always take the rally higher in baby steps as it of course will not be in a straight line, but the rally will take years to unfold.