FX.co ★ Elliott wave analysis of EUR/USD for February 18, 2022

EUR/USD could still move a bit lower to test support in the 1.1200 - 1.1260 area before reinstating the underlying uptrend for a re-test of resistance at 1.1483 and above here will call for a strong rally towards 1.2060 and ultimately a continuation towards the extension target for wave 3 at 1.3993.

However, for now we must accept, that a little more downside towards the 1.1200 - 1.1260 area still could be seen before higher.