4 hour
The EUR/USD is in a mini bearish trend channel which is marked by trend lines (red/green).
Once wave 1 is completed, the EUR/USD could start a bullish retracement that challenges the Fibonacci resistance levels of wave 2.
1 hour
The EUR/USD break above or below the bearish channel (green/red) will indicate whether price will continue as part of the wave 5 (blue) of wave 1 (brown) or whether price will potentially retrace within wave 2 (brown).
Origin: Admiral Markets
