The EUR/USD is testing a critical support trend line (blue) which is decision zone for a continuation of the downtrend or extension of the bullish correction (pink WXY as indicated in the image). A bullish bounce confirms the current wave pattern whereas a bearish break below 1.15 support makes a different wave pattern more likely (a completed wave 4 and bearish wave 5).
The EUR/USD made a new low as part of a wave 5 (green), which could either complete a larger wave 3 or wave C (blue). A bullish breakout above the resistance (red) trend line makes the current wave pattern more likely, which is a wave C of wave Y of X. A break below the 100% Fibonacci target makes a wave 5 of a wave 3 more likely.
