FX.co ★ Elliott wave analysis of EUR/USD for March 7, 2022

EUR/USD reached and surpassed our ideal corrective downside target at 1.1000. The corrective decline in wave C continued lower to the 87% corrective target seen at 1.0855, which we see as an overreaction. It could provide us with an equal sharp counter rally once the low is in place. To confirm that a low is in place, we need a breakout above minor resistance at 1.0940. More importantly, we will need the price to break above the resistance level at 1.1140 to confirm that wave C has been completed and a new impulse rally above 1.2350 is in motion.

At no point can a break below 1.0655 be accepted under our bullish view.