FX.co ★ Elliott wave analysis of EUR/USD for January 27, 2023

EUR/USD moved a bit closer to the ideal target at 1.0933. However, topping at 1.0929 is more than enough to fulfil the 1.0933 target. We expect wave B to be complete and will look for a decline in wave C over the coming days/weeks into the corrective target area between 1.0437 - 1.0500 to complete wave 4. That said we still have to remember that even if we see the expected corrective decline to the 1.0437 - 1.0500 area, an even more complex correction could take place, but for now, we will be looking for a break below minor support at 1.0835 as confirmation that wave B has completed and wave C is in motion.