Key Points
- EUR/USD has retreated following its latest recovery attempt.
- Red wave 1 is now labeled at the recent peak, with wave 2 projected toward Fibonacci 61.8%.
- The broader bullish scenario remains intact despite the corrective pressure.
EURUSD Rate: EUR/USD traded at 1.11827 at 9:57 a.m. New York time. The four-hour chart records a daily high of 1.12514 and low of 1.11787, against an opening rate of 1.12238.
EURUSD Elliott Wave Analysis
The recovery structure outlined in the November 9 EURUSD forecast has developed further, although the latest advance has encountered renewed selling.
The updated count retains blue wave (2) at the preceding corrective low, followed by an initial recovery labeled red wave 1.
Attention now shifts toward red wave 2, with its projected retracement deepened from Fibonacci 50% to 61.8%.
The blue forecast path subsequently anticipates renewed appreciation, potentially extending beyond the 1.12731 reference. However, the corrective low and following advance remain unconfirmed.
Technical Analysis for November 10, 2026
- Structure: Red wave 1 labeled; wave 2 projected.
- Fibonacci: 61.8% retracement.
- Upside Reference: 1.12731.
- Invalidation: 1.11045.
Trader's Question: Does the latest session low confirm wave 2 has ended?
No. The projected Fibonacci turning point remains unconfirmed. A subsequent upward response would strengthen the proposed continuation scenario.