FX.co ★ Elliott wave analysis of EUR/USD for February 7, 2023

The expanded flat correction in wave 4/ that has unfolded since the 1.0925 peak is now close to completion. We could still see EUR/USD drop to 1.0650, but the potential downside is becoming very limited. Hence, the bottom and the completion of wave 4/ could be seen anytime now.

Short-term we will need a break above minor resistance at 1.0799 as confirmation that wave 4/ has completed and wave 5/ has taken over for a rally towards 1.1108 as the next upside target.