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08.02.202307:06 Forex Analysis & Reviews: Elliott wave analysis of EUR/USD for February 8, 2023

Exchange Rates 08.02.2023 analysis

EUR/USD edged lower as expected and almost touched our target at 1.0650 as the low was seen at 1.0669. This is close enough to complete wave C/ of 4/ and we are now looking for wave 5/ higher towards 1.1391 and maybe even higher than that.

We also acknowledge that as long as minor resistance at 1.0767 is able to cap the upside a final decline lower to test our 1.0650 target remains a possibility. It's not necessary, but can't be excluded. Only a break above minor resistance at 1.0767 will confirm that wave 4/ has been completed and wave 5/ higher to 1.1391 is in motion.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Torben Melsted,
Analytical expert of InstaSpot
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