The EUR/USD is expected to build a bullish bounce at one of the Fibonaccilevels. A break above the resistance trend line (orange) would confirm a larger wave Y (pink) correction within wave B (purple) whereas a break below the 100% Fib level makes a downtrend continuation more likely.
The EUR/USD indeed completed a wave B (blue) as expected within a larger bearish ABC zigzag (blue). The bearish breakout below support (dotted blue) confirmed the waveC. Now price seems to be building a 5-wave pattern in wave C (blue).
