FX.co ★ Elliott wave analysis of EUR/USD for April 13, 2023

EUR/USD continues to make headway and should continue higher towards 1.1248 and likely even closer to the 1.1424 targets in the days/weeks ahead. This should ideally complete the first impulsive wave of wave 3 and set the stage for a more prolonged correction. Once this correction is complete, much more upside progress is in the cards and ultimately, EUR/USD should see a break above 1.6038, the high of 2008.

That said, we will stay focused on the short-term scenario where we see more upside towards the 1.1248 and likely 1.1424 targets.

Support is seen at 1.0933. We expect this support will act as a floor for the continued progress higher to 1.1248.