4 hour
The EUR/USD is showing a bullish continuation within wave 5 (purple), which could complete a wave C (blue). The angle of the support (green) and resistance (red) trend lines are showing a rising wedge reversal chart pattern. However, considering the bullish price action the EUR/USD could test 1.13 first and break either way: above resistance or below support. A break above 1.13 invalidates the wave 2 (green) correction.
1 hour
The EUR/USD bounced at the 38.2% Fibonacci level of wave 4 (pink) and then broke above the resistance trend line (dotted red). A new 5 wave (pink) formation is most likely occurring within wave 5 (purple).
Origin: Admiral Markets
