The EUR/USD uptrend made a small bearish correction after reaching the round level of 1.18 and breaking below the support line (dotted blue line). One more bullish push is possible if price stays above 1.17.
Price is probably completing a wave C (purple) within a wave W (pink). The alternative scenario is the current bullish price action is part of a correction within an ongoing wave 4 (pink).
The EUR/USD seems to have completed a wave 3 (blue) and the current retracement could be a wave 4 (blue). This scenario is invalidated if price breaks below the 61.8% Fibonacci retracement level at 1.1692. A break above the resistance trend line (red) could spark a bullish continuation towards 1.1850.