FX.co ★ Elliott wave analysis of EUR/USD for February 6, 2023

With the break below minor support at 1.0835, it was clear that wave 4 still was in progress in form of an expanded flat correction. We will be looking for more downside progress in wave C of 4 towards at least 1.0762 and possibly even closer to 1.0650. If wave C extends, we could see a dip into the support area between 1.0437 and 1.0500, but the odds for that outcome seem low.

Short-term resistance is seen at 1.0876 and a break above here will indicate waves C and 4 being complete and wave 5 unfolding towards 1.1100 and possibly higher.