FX.co ★ Elliott wave analysis of EUR/USD for March 8, 2023

The S/H/S-bottom neckline is held firm. Instead, EUR/USD broke below the right shoulder's low, which is viewed as an S/H/S-failure. Instead of measuring the upside target, we can predict the downside target from the failure, which measures a target near 1.0407 from where the next impulsive rally should be expected.

We now see resistance near 1.0650 that ideally will cap the upside for a move closer to the 1.0407 target to complete wave 4.