The EURUSD currency pair is still moving sideways as the price remains above the support trend lines (green/blue). A bullish continuation could see the price move up higher towards the Fibonacci targets, whereas a bearish breakout would indicate a change of wave pattern, and even a potential for a larger correction or reversal.
The EUR/USD currency pair finished an ABC correction (orange) yesterday in a potential wave 4 (green). A bullish breakout above the local resistance (orange) trend line could confirm the continuation higher towards the Fib targets and the resistance trend line (red), whereas a break below the support trend line (green) invalidates the wave 4 pattern.
The EUR/USD currency pair’s previous weekly candle was bullish, which could indicate a potential for the price to move higher towards the Fibonacci levels of wave B (purple). The wave B (purple) could be part of a larger ABC (purple) correction in wave B (red).
