The EUR/USD is facing strong opposite from the resistance zone marked by the trend lines (orange and red). A bullish breakout above the resistance could see price retrace back to the Fibonacci levels of wave 4 (green) which in turn could be bearish reversal spots for a downtrend continuation. An immediate bearish continuation with the bearish channel could see price expand the bearish wave 3 (green) to a lower low and price could make a breakout towards 1.1750-1.18.
The EUR/USD is hitting multiple resistance levels and a bearish bounce could send price lower to retest the previous bottom. Price will need to break below the previous low for a larger bearish continuation seems likely. A bullish breakout could indicate the start of the wave 4 (green).
