FX.co ★ Elliott wave analysis of EUR/USD for February 13, 2023

There should be one more spike lower to test the 1.0650 target. This final spike lower should complete wave C and 4 and set the stage for the next impulsive rally above the former peak at 1.1033. In the short term, a break above minor resistance at 1.0710 will confirm that wave 4 has been completed and wave 5 is in motion.

The ideal target for wave 5 is seen near 1.1391.