The EUR/USD is extending the bullish momentum and now approaching a key resistance zone (red) and round level of 1.1750. One more bullish push up and a new high is possible but eventually price is expected to complete wave A (purple) and retrace for a wave B correction.
The EUR/USD bearish breakout below the support (blue) trend line could indicate the end of a wave A (purple) and the start of the wave B. A break above the resistance zone could indicate a stronger wave A than expected.
The EUR/USD is probably in a bullish wave 5 (blue) of a larger wave A (purple) after breaking above the resistance trend line (dotted red) of the bull flag chart pattern. Within wave 5 (blue) there are potentially 5 internal waves (green). A break below the top of wave 1 (green box) and the support line (blue) could indicate the end of wave 5 and the start of a bearish correction.