The EUR/USD is trying to break above the resistance line (dotted orange) of the downtrend channel but price action is making an extended correction and need to break above the immediate resistance (red) as well before a larger bullish swing can start.
The EUR/USD could have completed the wave B (blue) and might be ready for a bullish wave C (blue) if price manages to break above resistance (red) with strong bullish candles. The overall picture remains corrective and choppy but at the moment a larger bullish correction towards Fibonacci retracement levels within waves Y (purple/pink) of wave B (light purple) seems the most probable.
The EUR/USD has either made a bullish ABC or could be building a 123 wave pattern. A bullish breakout favours the 123 pattern whereas a bearish break makes the ABC variation more likely.
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