FX.co ★ Elliott wave analysis of EUR/USD for January 10, 2022

EUR/USD continues to trade sideways keeping both options in play. We continue to favor a break above minor resistance at 1.1383 that will confirm wave 2 being complete and that wave 3 towards 1.3993 is in motion. That said, we will need to respect, that as long as minor resistance at 1.1383 is able to act as a cap the possibility of a final break towards the downside and a dip to 1.1139 can't be excluded, but it's not our preferred outcome of this sideways trading.