FX.co ★ Elliott wave analysis of EUR/USD for October 19, 2023

EUR/USD failed to hold support at 1.0533 which calls for a final dip towards 1.0436 to complete wave 2 and set the stage for wave 3 higher towards 1.2085. We now see resistance at 1.0554 which is expected to cap the upside for the final dip towards the long-term target at 1.0436 which should finally complete wave 2.

Only a direct break back above resistance at 1.0595 will confirm that wave 2 already has been completed and wave 3 is unfolding.