FX.co ★ Elliott wave analysis of EUR/USD for March 27, 2023

EUR/USD is correcting the first impulsive advance from 1.0516 to 1.0930. We have already seen the 50% corrective target at 1.0723 being tested and we could see the 61.8% corrective target at 1.0674 being tested before the correction completes and the next impulsive rally towards 1.1247 and likely even closer to 1.1424 before a larger corrective decline should be expected.

Short-term we see resistance at 1.0843 and a break above here will confirm that the correction from 1.0930 has been completed and the next impulsive rally towards 1.1247 is in motion.