With the break below minor support at 1.0835, it was clear that wave 4 still was in progress in form of an expanded flat correction. We will be looking for more downside progress in wave C of 4 towards at least 1.0762 and possibly even closer to 1.0650. If wave C extends, we could see a dip into the support area between 1.0437 and 1.0500, but the odds for that outcome seem low.
Short-term resistance is seen at 1.0876 and a break above here will indicate waves C and 4 being complete and wave 5 unfolding towards 1.1100 and possibly higher.
Relevance up to 06:00 2023-02-07 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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