the EUR/USD is testing deep Fibonacci retracement levels of wave 2 vs 1, which is a key decision zone. If the wave 1-2 (purple) pattern is correct then a bullish reversal at this support zone could take place soon.
The EUR/USD would need to break above the resistance trend line (red) before the end of the wave 2 (purple) retracement could be considered finished. A break below the bottom and 100% Fibonacci level invalidates the wave 2 (purple) pattern and indicates a potential downtrend.
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Good trading, Chris Svorcik