The EUR/USD approached the previous top and resistance zone (red lines) but failed to break above it. The bearish bounce indicates that the price is probably building an expanded WXY (blue) pattern within wave B (purple). The price could fall back to the Fibonacci retracement levels of wave B (purple), which is a new bounce or breakout zone.
The EUR/USD completed 5 bullish waves (orange) within wave C (green) pattern. The bearish momentum is probably a wave A (green) of a larger ABC zigzag in wave Y (blue). A pullback could find resistance at the Fibonacci retracement levels of wave B vs A.
