4 hour
EUR/USD is in a wave 4 (blue) bullish retracement within a larger downtrend and therefore the Fibonacci levels of wave 4 (blue) could act as resistance. A break below the support trend line (blue) could indicate a potential bearish breakout within wave 5 (blue) of wave C (purple).
1 hour
The EUR/USD seems to be building an ABC (orange) within a wave 4 (blue) correction. The wave C (orange) could extend to test higher Fibonacci levels if it breaks above the local resistance trend line (orange).
4 hour
1 hour
Origin: Admiral Markets
