Elliott wave analysis of EUR/USD for September 23, 2021

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EUR/USD continues to hold above the key-support at 1.1665. A break above minor resistance at 1.1756 will indicate that a new rally to 1.3993. In case of a break below the key-support at 1.1665, wave 2 cannot be completed and. A bit more downside could be seen closer to 1.1614 which is the low of circle wave iv of one lessor degree to complete wave 2.

Now, we need to take a wait-and-see approach in order to discern a more clear-cut trend. Yet, the long-term upward movement looks highly likely.

The material has been provided by InstaForex Company - www.instaforex.com

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