4 hour
The EUR/USD broke below the support trend line (dotted blue) and is now testing the previous bottom (green). The support zone is a key decision level for a bullish bounce or bearish breakout and will decide whether USD strength or weakness will prevail. A bearish break makes a wave 4 (purple) pattern less likely.
1 hour
The EUR/USD needs to break above the resistance trend lines (orange) before a bullish breakout is likely. A bearish breakout would need to show strong bearish price action before continuation lower is possible.
4 hour
1 hour
Origin: Admiral Markets
