FX.co ★ Elliott wave analysis of EUR/USD for March 4, 2022

We can now predict a complete five-wave decline in wave C and 2 from the peak of wave B at 1.2266. The ideal target for wave C is set at 1.1000 form where a new impulsive rally is expected. That said, we will need a break above minor resistance at 1.1135 to indicate that a corrective low is in place and wave 3 higher towards the long-term target at 1.1993 is unfolding.

But for now the trend remains lower, even though the potential downside should be limited from here and a low could be hit anytime now.