FX.co ★ Elliott wave analysis of EUR/USD for February 20, 2023

We continue to look for a deeper correction in wave 4 after the break below support at 1.0655. Ideally, we will see wave C of 4 continue lower to the 1.0498 target to complete wave 4 and set the stage for wave 5 moving towards new highs for the entire rally from 0.9536.

In the short term, only a break above minor resistance at 1.0723 will question our preferred scenario and call for more upside towards 1.0834.