4 hour
The EUR/USD broke above the resistance of the bearish trend channel (dotted yellow) but still has horizontal resistance (orange) nearby. A bearish bounce at that resistance could indicate a continuation of the wave 1-2 (pink) whereas a bullish breakout could indicate that wave 2 (pink) is completed.
1 hour
The EUR/USD has bounced at the 50% Fibonacci level of wave 2 vs 1 but is now approaching a potential resistance zone with the Fibonacci levels of wave B vs A (orange).
4 hour
1 hour
Origin: Admiral Markets
