The EUR/USD continued yesterday with its bullish bounce which could be part of an ABC correction (magenta) of a larger wave Y (blue) and wave 4 (light green). The failure for price to break below the bottom (green line) could indicate the potential for a bigger consolidation on the US Dollar.
Price is contained by a downtrend channel (blue) and a support trend line (green). The invalidation level of the ABC (purple) wave count is the top of wave X (green) which is the 100% Fibonacci level.
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