09.06.202214:19 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD on February 16, 2023

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The correction from 1.0804 pushed lower than expected but stayed nicely above the key support at 1.0655 to confirm the new impulsive rally we have been looking for. Short-term we would like to see a break above minor resistance at 1.0745 to confirm that key support at 1.0655 is safe and the next part for the impulsive rally in wave 5 towards the target area between 1.1108 and 1.1188 is developing. We could see EUR/USD moving above the 1.1108 - 1.1188 target area, but as always let's take the expected rally higher in baby steps.

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