FX.co ★ Elliott wave analysis of EUR/USD on March 6, 2023

EUR/USD still needs to break above minor resistance at 1.0694 to confirm the end of the wave 4 correction that has dominated the chart since the peak at 1.1033. A break above minor resistance at 1.0694 will confirm that wave 5 towards 1.1103 and likely closer to 1.1400 is unfolding.

We have to keep in mind that as long as minor resistance at 1.0694 remains untouched, we can't exclude a final spike lower to test support at 1.0493. The odds for this outcome are small but nonetheless a possibility.