The EUR/USD failed to break above the resistance trend line (red) and price has remained in the sideways consolidation zone. The corrective pattern has in the meantime become very lengthy as price keeps respecting the support (blue) and resistance (red) trend lines.
The EUR/USD has bounced at the support trend line (blue), which might complete a wave B (blue) correction. If price manages to stay above the support zone (blue), then price might eventually move up as part of a wave C (blue) towards the Fibonacci targets.
The EUR/USD bearish momentum could have completed a wave B (blue) if price manages to stay above the 100% Fibonacci level of wave 2 vs 1. A bullish bounce at the Fibonacci levels could confirm the development of a wave 2 (green) whereas a break above the resistance trend line (red) indicates a potential wave 3 (green).
For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.