FX.co ★ Elliott wave analysis of EUR/USD on March 13, 2023

EUR/USD completed its corrective wave 4 sooner than expected and only managed to reach a low of 1.0524 before turning around and moving higher through the double bottom neckline resistance at 1.0710. The first upside target to look for is seen at 1.0804 and then 1.1033 on the way toward the 1.1248 target and possibly even closer to 1.1424 to complete wave 5 of the rally from 0.9535.

In the short term, we see the former resistance at 1.0710 act as support now. If broken, a move closer to 1.0662 should be expected before the next push higher toward 1.0804 and above.