4 hour
The EUR/USD is in a channel (red/blue lines) which is struggling to break above the 61.8% Fibonacci retracement level of wave 2 (green) near the round level of 1.10. A breakout above or below a trend line could indicate the next direction.
A bullish break indicates a continuation within wave C (purple) whereas a bearish break indicates a potential reversal.
1 hour
The EUR/USD could have completed waves 5 (grey/pink) within wave C (purple) if price manages to break below the support trend line (blue). If that occurs, price could be building either an ABC (orange) or 12345 (red).
Origin: Admiral Markets
