FX.co ★ Elliott wave analysis of EUR/USD for March 22, 2023

EUR/USD finally broke above resistance at 1.0760 and should continue higher through resistance at 1.0804 to confirm that wave 4 has been completed and wave 5 towards 1.1244 and possibly 1.1424 is in progress. That said as long as resistance at 1.0804 is able to cap the upside, we can't exclude the possibility of an expanded B-wave triangle unfolding. If this is the case, then this rally should stall below resistance at 1.0804 for a break below support at 1.0702 and ultimately below support at 1.0516. This is not our preferred count, but the one that we still can't exclude as long as resistance at 1.0804 holds firm.