FX.co ★ Elliott wave analysis of EUR/USD on March 1, 2023

EUR/USD tried to break above resistance at 1.0628 but failed, indicating a final spike lower to test the ideal corrective target at 1.0498 to complete wave 4 and set the stage for the next impulsive rally higher towards 1.1197 and likely closer to 1.1350.

That said, we are clear in the final stages of the corrective decline in wave 4 and we should expect wave 4 to bottom on this next decline toward 1.0498.