The EUR/USD could be building an ABC (red) correction within a larger wave 4 (blue) pattern. A break below the support trend line (blue) would increase the likelihood of such an ABC. The ABC correction (red) is invalidated if price breaks above the 138.2% Fib at 1.2165.
A break above the resistance trend line (red) could indicate that there is bullish pressure to test the Fib levels of wave B vs A.
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The EUR/USD is building a triangle chart pattern which is indicated by the trend lines (red/blue).
