The EUR/USD bounced at the 38.2% Fibonacci retracement level of wave 4 (pink) and is now testing key support trend lines (blue). A bearish breakout could indicate the restart the downtrend whereas a bullish bounce could see price develop an expanded WXY (purple) correction as shown in the image.
EUR/USD is building multiple ABC zigzags at the moment and is awaiting a bullish or bearish breakout. The trend lines are indicating a triangle chart pattern.
