The EUR/USD is testing a key support trend line, which is a bounce or break decision zone.
A bearish breakout indicates the end of the wave W (pink) and the start of a new bearish correction within wave X. If price is showing strong bearish momentum, then the alternative wave pattern is a bearish wave 4-5 combination. A bullish bounce however could see price move up to test the previous top at 1.1840.
The EUR/USD bounced at a deep 61.8% Fibonacci level of wave 4 (blue) after what seems to be an ABC correction (green). Support and resistance trend lines are now dominant. A bearish break would indicate a different wave pattern whereas a bullish breakout makes a bullish wave 5 (blue) within wave C of W likely.