The EUR/USD is showing multiple impulses up and down and all together they form a larger consolidation zone (green and red trend lines). An ABCDE triangle chart pattern (blue) is most likely unfolding within wave X (purple) unless price breaks above the invalidation level (pink).
A break below support (green) indicates that a wave Y (brown) is most likely starting within wave d (green).
The EUR/USD retraced back to the 50% Fibonacci level of wave B (green) but price could retest lower Fibonacci levels before completing potential wave C (green). A break below the 100% Fibonacci level of wave B vs A invalidates the bullish ABC (green) whereas a break above the resistance (pink) invalidates wave X (purple).
Origin: Admiral Markets
