31.03.2023 06:09 AM
Elliott wave analysis of EUR/USD for March 31, 2023

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EUR/USD is challenging resistance at 1.0930. A break above here will open the door for a higher move towards resistance at 1.1033 on the way higher to the first upside target at 1.1248 and likely closer to the 1.1424 target.

That said, if however, resistance at 1.0930 is able to cap the upside, we could see EUR/USD return to support at 1.0820 and maybe even all the way back to 1.0724 if a flat correction is unfolding as wave 2. This flat option is not our preferred outlook, but not an option that we can rule out for now.

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