The EUR/USD could be a 3 wave correction within the wave B (purple) of the larger zigzag. A break above the 100% Fibonacci of wave B vs A invalidates the bearish ABC (purple) zigzag.
The EUR/USD made a bearish bounce at the resistance trend line (red) which completed the wave 4 (blue) correction before breaking below the uptrend channel. The Fibonacci retracement levels of wave B vs A (purple) are expected to act as resistance points for a bearish bounce and further downside.
