The EUR/USD bullish breakout is very close to the 38.2% Fibonacci retracement level of wave 4 (pink), which could be a potential major turning spot and restart the downtrend.
The EUR/USD is probably building a bullish wave 4 pattern as long as price stays below the 50% Fib. A break above the 50% indicates that another wave count is more likely whereas a bounce at the 38.2% Fib and later on bearish breakout below the support trend line (blue) indicates the end of wave 4 and the potential start of wave 5.
The EUR/USD seems to be in a wave 4 (blue) correction as long as price stays above the 61.8% Fibonacci level. A bullish breakout above resistance (red) could start the last push up within wave 5. The ABC zigzag could complete a larger WXY correction within wave 4.
