The EUR/USD would need to break above the resistance trend line (red) before the end of the wave 2 (purple) retracement could be considered finished. A break below the bottom and 100% Fibonacci level invalidates the wave 2 (purple) pattern and indicates a potential downtrend.
The EUR/USD has reached a very deep 88.6% Fibonacci retracement level (blue box) and price seems to be respecting the level for the moment by going sideways. Price will need to break above the resistance box (orange) before a larger bullish breakout could take place.
