29.09.202305:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for September 29, 2023

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EUR/USD has rebounded from key support at 1.0530 and should soon test short-term resistance at 1.0610. A break above this resistance will be a good indication that wave 2 has been completed and wave 3 is in motion. Only a break above resistance at 1.0768 will confirm that wave 2 has been completed and wave 3 is in motion for a rally towards at least 1.2085 and likely higher.

That said, we also need to stress, that the risk of a second dip to test key support at 1.0530 remains a possibility as long as minor resistance at 1.0610 hasn't been broken.

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