The EUR/USD is building a triangle correction before the major resistance zone at 1.1730. A bullish breakout could confirm a wave C (purple) pattern.
The EUR/USD bearish breakout below the support trend line (blue) could start a pullback towards the Fibonacci retracement levels of wave 2 vs 1 where a bullish bounce could take place. A bullish breakout could see price move higher towards Fibonacci targets at 1.18 and 1.20 areas.
The EUR/USD corrective zone could be part of an ABC (green) correction. Price will need to break above the resistance (red) zone before a larger bullish breakout can take place and impulsive price action can be expected.
