FX.co ★ Elliott wave analysis of EUR/USD for January 6, 2022

EUR/USD remains locked inside the narrow trading-range between 1.1222 - 1.1383. This accumulation of energy will cause either a swift dip to test support at 1.1139 and then a quick return higher through short-term key-resistance at 1.1383 confirming that wave 2 has completed. Or we will see a direct break above short-term key-resistance at 1.1383 confirming that wave 3 towards 1.3993 already is in motion.

For now it's a game of patience and waiting to see if a final dip is needed before wave 3 is ready to take over or wave 3 already is in motion.