FX.co ★ Elliott wave analysis of EUR/USD for January 11, 2023

EUR/USD is likely to continue higher towards our target seen at 1.0933 to complete wave 5/ and 3. After a temporary correction in wave 4, renewed upside progress to above 1.0933 should be expected.

Short-term we see support near 1.0695 and 1.0577. The latter should act as a floor for the expected rally towards our ideal target near 1.0933. That said, we should also respect the fact that the best part of the rally in wave 3 now is behind us and we only need the final push higher to 1.0933 to complete wave 3 and set the stage for a correction in wave 4.