FX.co ★ Elliott wave analysis of EUR/USD for October 13, 2023

EUR/USD failed to break clear of resistance at 1.0617 and backed off to test support at 1.0540. The failure is of concern and raises the odds for a final dip towards the 1.0435 target before wave 2 finally is complete and a new impulsive rally can take over in wave 3.

Only a direct break above resistance in the 1.0617 - 1.0640 area will confirm that wave 2 has been completed and wave 3 higher is in motion.