The EUR/USD seems to be building a wave 1-2 (green) pattern within wave C (blue). Price could confirm this expected wave pattern when price bounces at the support trend line (blue) or breaks above the next resistance trend line (red). A bullish breakout could see price move up towards the Fibonaccitargets whereas a break below the bottom of wave B (blue) invalidates the wave 2.
The EUR/USD seems to have completed 5 waves (orange) in wave 1 (green) and could be building an ABC correction in wave 2 (green). The Fibonacci levels of wave2 vs 1 could act as support and bouncing spots.
