The EUR/USD bearish momentum is still intact but price has not been able to break below the key support zone as yet. For the moment, the bearish pressure is most likely part of a wave C (blue) which would become confirmed once price makes a strong bullish bounce via a bullish 5 wave pattern on lower time frame. This would also confirm the wave 4 (pink) correction whereas a bearish break below the 50% Fibonacci level would make a downtrend more likely.
The EUR/USD bearish momentum is still intact but price has not been able to break below the key support zone as yet. For the moment, the bearish pressure is most likely part of a wave C (blue) which would become confirmed once price makes a strong bullish bounce via a bullish 5 wave pattern on lower time frame. This would also confirm the wave 4 (pink) correction whereas a bearish break below the 50% Fibonacci level would make a downtrend more likely.
