The EUR/USD has been marked as completing a wave 1 (green) of a larger wave 5 downtrend (blue).
Price is now retesting the bottom of that wave 1: a bounce could start the wave 2 (green) correction whereas a break could see wave 1 extend towards the major support trend lines (green) from the daily chart bottoms.
The EUR/USD could start an ABC zigzag (brown) correction within wave 2 (green) if price manages to break above resistance (red). The wave 2 (green) is invalidated if price breaks above the 100% Fibonacci level. A break below the wave 5 (brown) bottom could see price extend towards the Fib targets of wave 5 vs 1+3.
Origin: Admiral Markets
