The EUR/USD made several bullish breakouts after the expected bullish reversal at support but price is now challenging a new key resistance trend line. The bulls are in control and a bullish continuation seems likely.
The EUR/USD is either still in a bullish wave A (purple) or will make a bearish retracement as part of a wave B (purple). This is the expected wave pattern if price indeed completes an ABC zigzag pattern (purple).
The EUR/USD bullish breakout above the resistance line (red) could confirm one more push up within wave 5 (blue) of wave A (purple). Eventually a wave B (purple) retracement is expected.
