Elliott wave analysis of EUR/USD for November 18, 2021

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EUR/USD is now testing the 61.8% corrective target of wave 1 and wave 2 is likely close to completion. We expect to see another test of the 61.8% target at 1.1292 before the low is in place and wave 2 has been completed. Wave 3 can take over for a rally towards 1.3993.

Even though we see signs of a low near the 1.1292 target, only a break above resistance at 1.1609 will confirm that a low is in place and wave 3 is developing. So trying to pick the bottom is high risk and at this point, we cannot exclude more downside pressure. Yet, it is unlikely to happen.

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

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