The EUR/USD is testing the support line (blue) of the uptrend channel after a bearish retracement. The bullish breakout failed to push above 1.1450 but a reversal at the channel support could still confirm the current ABC (blue) wave pattern.
The EUR/USD bearish break below the channel could indicate that the wave X (purple) is still ongoing and valid OR that a downtrend has started. A bullish break would see price move up towards the Fibonacci targets of Y vs W.
The EUR/USD has probably completed a wave 1-2 (green) pattern and could now be ready for a bullish bounce as long as it stays above the bottom of wave 1 which is indicated by the purple line. A break below the purple line invalidates the wave 1-2 pattern.