EUR/USD shows a cautiously bullish outlook on the 4-hour chart, with the displayed price at 1.11996 following a recovery from 1.11129. The Elliott Wave count identifies a five-wave decline ending at wave (v), completing the larger wave V. Subsequent price action recovered toward 1.12695 before consolidating and retreating, indicating that the recovery remains vulnerable to short-term selling pressure. The blue projection suggests a final pullback toward approximately 1.11750 before a potential bullish advance toward 1.13200. Holding above 1.11129 would preserve the proposed upward scenario, while a sustained break beneath that annotated invalidation level would undermine it. A recovery above 1.12695 would strengthen the case for further upside.
Technical Summary of EUR/USD Price for October 23, 2026
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Trend: Bullish
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Key Support: 1.11750 (projected); 1.11129 (invalidation)
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Key Resistance: 1.12695; 1.13200 (projected)
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Projected upside zone 1.12695–1.13200.
Trader's Question: Can EUR/USD resume its recovery after the current pullback?
The completed wave V labeling supports a potential bullish reversal, but confirmation requires renewed buying pressure and a sustained move above 1.12695.