FX.co ★ Elliott wave analysis of EUR/USD for March 2, 2023

There was no time for EUR/USD to spike lower to the ideal target at 1.0498 as we saw a small dip to 1.0565 followed by a clear break above resistance at 1.0628 confirming that EUR/USD has completed its corrective decline in wave 4 and a new impulsive rally now is unfolding towards 1.1102 and ideally closer to 1.1400.

Short-term the former resistance at 1.0628 is expected to act as a floor for the next rally higher, but only an unexpected break below support at 1.0565 will revive the corrective decline in wave 4 and the 1.0498 target before completing wave 4 and setting the stage for a new impulsive rally higher in wave 5.