The EUR/USD wave count is indicating a potential for a bearish zigzag (indicated by the purple ABC). The alternative is that wave 4 (green) has been completed at the most recent top and a bigger downtrend has started. It will be important to see if and how price rallies at the support Fibonacci levels.
The EUR/USD is moving lower in a downtrend channel as part of wave C (purple). The internal wave 3 (orange) is unusually corrective compared to wave 1 (orange). Both trend lines (orange and green) are important to see whether price breaks below or bounces at the 61.8% Fibonacci retracement.
PLEASE NOTE: THE UPDATE IS POSTED WITH PERMISSION FROM WWW.ADMIRALMARKETS.COM
read the original article on AdmiralMarkets.com