The EUR/USD is testing the previous bottom and key Fibonacci support levels for a key break or bounce decision.
The EUR/USD is expected to make a bullish bounce and reversal above the 100% Fibonacci level and previous bottom if price is indeed building a bullish ABC (blue) zigzag pattern. The break above the resistance trend line (red) could indicate a bullish breakout.
The EUR/USD seems to have completed 5 bearish waves at the 88.6%Fibonacciretracement level of wave B vs A (blue) but a break above the resistance is needed to confirm that. A break below the bottom invalidates this bullish ABC (blue) wave pattern.
