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The EUR/USD seems to be building a bearish correction within a larger uptrend continuation where waves 3 prevail. The alternative is that price is not completing a 123 (pink) but a larger ABC correction. A break below the support trend line (blue) makes a bearish scenario more likely whereas a break above the top (red) makes a continuation more likely.
1 hour
The key support zone for the EUR/USD are the Fibonacci levels of wave 4 vs 3. A break below the 50% Fib makes a wave 4 (blue) unlikely.
4 hour
1 hour
Origin: Admiral Markets
