FX.co ★ Elliott wave analysis of EUR/USD for February 14, 2023

EUR/USD moved lower as expected and printed a low at 1.0655 just above our ideal target of 1.0650. The following break above minor resistance at 1.0707 confirms that wave 4 has been completed and wave 5 higher towards 1.1391 now is in progress.

As we expect, wave 5 to be in motion also means that the 1.0655 low must not be broken again or we will have to review our preferred count.

Now, a break above resistance at 1.0791 will add confidence in our count of wave 5 being in motion and the expected move higher towards 1.1391.