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FX.co ★ Elliott wave analysis of EUR/USD for February 16, 2022

Elliott wave analysis of EUR/USD for February 16, 2022

Elliott wave analysis of EUR/USD for February 16, 2022

As the tensions near the Ukraine bonders deescalated yesterday we saw the safe-haven currencies, oil and gold weaken. The stock market slightly rose. EUR/USD dipped close to the 1.1260 target and could be close to completing its correction from 1.1487. It is ready for the next strong rally towards the long-term target for wave 3 near 1.3993.

In the short term, we must allow for EUR/USD to dip to 1.1260 before bottoming and start the next impulsive rally higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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