FX.co ★ Elliott wave analysis of EUR/USD on February 28, 2023

Despite EUR/USD trying to rally from the low of 1.0533 or just above our ideal target at 1.0498, we expect EUR/USD to make a second stab lower to reach the target at 1.0498 and to complete the corrective decline in wave 4. This second stab lower will set the stage for a new impulsive rally towards 1.1196 and likely also closer to resistance at 1.1424 as the most likely top for wave 5.

In the short term, we expect resistance at 1.0628 will continue to cap the upside for the final spike lower.