Elliott wave analysis of EUR/USD for December 1, 2021

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EUR/USD seems to have bottomed out between the 61.8% and 70.7% corrective targets. With the low seen at 1.1250 all requirements to the double zig-zag correction in wave 2 have been fulfilled and wave 3 can now take over for a rally towards 1.3993.

We still need prof to confirm that wave 2 has been completed and a break above minor resistance at 1.1383 will be the first good step in confirming that wave 3 is developing. A break above resistance at 1.1535 will confirm wave 3 is unfolding.

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

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