The EUR/USD bullish breakout above the channel could confirm a potential wave C (or wave 3) towards the Fibonacci levels of wave Y vs W. A break below the channel could see price challenge the bottom but a bounce would confirm the wave B (purple).
The EUR/USD hasprobably completed a wave B (blue) unless price manages to break above resistance (orange). A bearish break would indicate a retest of the Fibonacci retracement levels of wave B vs A, whichcould act as a potential support.
