FX.co ★ Elliott wave analysis of EUR/USD on February 27, 2023

EUR/USD continues to follow the expected path towards the ideal corrective target at 1.0498 from where we will be looking for renewed upside pressure towards 1.1196 and wave v/ of iii. In the short term, we do expect that minor resistance at 1.0627 will cap the upside for the final spike lower to test the 1.0498 target, complete the correction from 1.1023, and set the stage for the next impulsive rally higher to 1.1196 and above.