In short term Elliott wave sequence, EURUSD favors pullback in wave 2 started from 1/26/2023 high before upside resumes in wave 3. It is correcting in wave 2 in 3, 7 or 11 swings against the bullish sequence from 1/06/2023 low and expect to find support at extreme areas before turning higher. Since 1/06/2023 low, it placed ((i)) at 1.0868 high in wave 1. Below there, it placed ((ii)) at 1.0781 low as flat correction. It finished ((iii)) at 1.0927 high and ((iv)) at 1.0833 low. Finally, it ended ((v)) at 1.0929 high as wave 1 in diagonal structure in (C) leg on 1/26/2023. Below there, it favors pullback in wave 2 in proposed 3 swing correction.
Below wave 1 high, it started correcting lower in wave 2 in proposed zigzag sequence. It ended ((a)) at 1.0836 low as short term diagonal sequence. Inside ((a)) leg, it ended (i) at 1.0872 low and ((ii)) at 1.0917 high. Below there, it finished (iii) at 1.0849 low and (iv) at 1.0900 high. Finally, it ended (v) at 1.0836 low as ((a)) in wave 2 correction. It proposed ended ((b)) at 1.0914 high in 3 swings bounce, where (a) ended at 1.0879 high, (b) at 1.0851 low and (c) at 1.0914 high. Below ((b)) high, it favors lower in ((c)) leg, which confirms below ((a)) low. It placed (i) of ((c)) at 1.0889 low and (ii) at 1.0911 high. It finished extended wave (iii) at 1.0837 low and appears ended (iv) at 1.0860 high. Below there, it favors lower in (v) towards 1.0821 – 1.0763 area to finish ((c)) leg at extreme areas to end wave 2 correction. From extreme areas, it expect to resume higher either in wave 3 or at least can see 3 swing bounce as the part of double correction in wave 2.
EURUSD 45 minutes Elliott Wave Chart
