FX.co ★ Elliott wave analysis of EUR/USD for January 31, 2023

EUR/USD is again testing support at 1.0835. A break below here will confirm that wave B is complete and wave C lower to the ideal target area between 1.0437 - 1.0500 is in progress. Short-term we see minor resistance near 1.0873, which ideally will cap the upside for the expected break below support at 1.0835 for the final decline in wave C of 4 towards the 1.0437 - 1.0500 area, from where wave 5 higher can take over.