4 hour
The EUR/USD is building a bearish retracement at the moment but price is most likely still part of a larger wave 3 (purple) unless price breaks the support trend lines and Fibonacci levels on the 1 chart.
1 hour
The EUR/USD is testing the support trend lines and Fibonacci levels of wave 4 (green). A bullish bounce and breakout above the resistance trend line (red) could spark a larger uptrend continuation towards the Fibonacci targets of wave 5. A bearish break could indicate that a different wave count is valid although the 50% Fibonacci level of wave 4 remains a strong zone.
4 hour
1 hour
Origin: Admiral Markets
