The EUR/USD is again testing the key 1.13 support zone and a bullish reversal could confirm the current wave pattern. Price could then test theFibonacciretracement levels of wave Y vs W and even move up as high as 1.17-1.18.
The EUR/USD is expected to expand the bullish correction within wave B (purple) unless price breaks below the support zone (blue).
The EUR/USD is building a bearish ABC pattern within a larger wave B (red) of a larger bullish ABC zigzag pattern. This waveoutlook is valid as long as price bounces at the 61.8% or 78.6% Fibonacci levels of wave B vs A otherwise a different wave pattern could be valid and a larger downtrend could take place.
