EUR/USD Develops Bullish Momentum and Wave 3 Pattern

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The EUR/USD bullish breakout is continuing with momentum towards the previous top and next resistance trend line (red). A break above that could confirm a full uptrend continuation within wave 5 (purple).

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The EUR/USD bullish breakout above the resistance levels and fractals of wave 4 (orange) is indeed acting as a wave 3 (blue) so far with price going above the 161.8% Fibonacci target. Price could make a retracement but if price uses the support zone (purple lines) as a bouncing spot, then price could see another potential rally towards the resistance and Fib targets.

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Origin: Admiral Markets

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