The EUR/USD bullish channel (blue lines) is now challenging a potential resistance trend line (orange). It is unclear whether price is in a wave 5 or in an expanded wave 4 at the moment, which depends on how price develops within the bullish channel.
The EUR/USD bullish momentum has reached the 161.8% Fibonacci target and could be in a wave 3 (blue). A shallow retracement could indicate a potential wave 4 and a continuation within the bullish channel.
Origin: Admiral Markets