Key Points
- EUR/USD extended its recovery beyond the previous 1.12371 upside reference.
- Red waves 1 and 2 are now labeled within the developing bullish structure.
- The invalidation threshold has been raised to 1.11365.
EURUSD Rate: EUR/USD traded at 1.12569 at 6:55 a.m. New York time. The four-hour chart records a daily high of 1.12653 and low of 1.11865, against an opening rate of 1.11917.
EURUSD Elliott Wave Analysis
The recovery anticipated in the November 3 technical assessment has materialized, with EUR/USD advancing from its Fibonacci retracement and establishing a higher price peak.
The updated Elliott Wave count identifies red waves 1 and 2 within the developing upward structure, providing further evidence of progression toward blue wave iii.
The projected path allows a brief retracement before another advance into red wave 3. Although the latest high supports the bullish scenario, the anticipated extension remains unconfirmed.
Technical Analysis for November 4, 2026
- Trend: Bullish corrective recovery.
- Wave Structure: Blue iii developing; red 3 projected.
- Upside Marker Reached: 1.12653.
- Invalidation: 1.11365.
Trader's Question: Would a temporary decline weaken the bullish outlook?
Not necessarily. The projected path incorporates a pullback before renewed upside. Confirmation depends on subsequent wave development rather than an uninterrupted rise.