FX.co ★ Elliott wave analysis of EUR/USD for February 9, 2023

As long as minor resistance at 1.0767 is able to cap the upside, a final spike lower to 1.0650 can't be excluded, but the odds are decreasing for this outcome. So, we will keep our eyes on the minor resistance for confirmation that waves C and 4 have been completed and wave 5 is in progress for a rally towards 1.1391.

A failure to break above 1.0767 followed by a break below minor support at 1.0709 will call for the final spike to 1.0650 to complete waves C and 4.