FX.co ★ Elliott wave analysis of EUR/USD for March 3, 2023

The minor correction, we were looking for from 1.0691, became slightly deeper than we expected, but short-term important support at 1.0565 has held firm and should continue to do so as EUR/USD moves higher through minor resistance at 1.0616 and more importantly through resistance at 1.0677 that calls for a continuation higher towards 1.1108 and likely closer to 1.1400.

Only an unexpected break below the short-term key support at 1.0565 will confirm that the corrective decline from 1.1033 still is in motion for a final dip closer to 1.0490 to complete wave 4, before moving higher in wave 5.