FX.co ★ Elliott wave analysis of EUR/USD for February 24, 2022

EUR/USD has now entered the corrective target area between 1.1200 - 1.1258. We should expect a bottom of wave ii soon for a new impulsive rally in wave iii of 3. The ideal long-term target for wave 3 of circle wave 3 is seen at 1.3993.

In the short term, we need a break above minor resistance at 1.1295 and more importantly a break above resistance at 1.1359 to confirm that wave ii has been completed and wave iii of 3 is in motion.