The EUR/USD failed to break below the round level of 1.15 after price broke below the chart pattern. The bullish reversal could indicate a larger correction or perhaps the end of wave A.
The EUR/USD failed to break the larger support trend line (blue), which could indicate an expanded wave 4 (pink), a smaller correction on a 1 hr chart or the completion of atruncated wave 5 (pink – failure to break the bottom).
The EUR/USD bullish momentum could be a wave 1 (or A) and the correction could be part of a wave 2 (or B) as long as price stays above the 100% Fibonacci level at 1.1508 which is the invalidation spot for a larger bullish move.
