The EUR/USD downtrend is challenging the 1.1750 support zone again. A bearish break could see a continuation towards the Fibonacci targets of wave 5 (blue) whereas a bullish break could indicate larger bullish reversal.
The EUR/USD is probably building a larger correction but the price action remains unclear and choppy. The trend lines are a key factor in this week’s analysis because the next breakout will probably determine the immediate price action direction.
The EUR/USD broke the triangle chart pattern to the downside but failed to break the previous bottom. A break above the resistance (red) could see a bullish breakout take price up to the Fibs of wave 4 whereas a break below the support (blue) could see price test the Fib target of wave 3 and wave 5.