FX.co ★ Elliott wave analysis of EUR/USD for November 24, 2023

We continue to look for EUR/USD to move a bit lower to test support at 1.0785. This could complete the correction from 1.0963 and the right shoulder of an inverse S/H/S bottom. Once the right shoulder completes near 1.0785, a new rally towards the neckline at 1.0963 is expected and ultimately, a break above here too. A break above the neckline resistance will activate the S/H/S bottom for a rally towards 1.1275 and ultimately, a rally towards the long-term target at 129.30 is expected.