The EUR/USD missed the key resistance zone near the 38.2% Fibonacci level and quarter level of 1.1750 by a few pips but could already be building a bearish reversal.
A break below the channel could indicate the end of the wave A (purple) and an immediate bearish correction. The EUR/USD however could make a new high and a full hit at the 38.2% Fib retracement level if price manages to stay in the bullish trend channel. Price needs to break 1.18 with a daily candle close before a larger uptrend continuation can be expected.
The EUR/USD could have already completed a 5 wave pattern although a bullish bounce could indicate one more potential upside to test higher Fib levels. A bearish breakout could indicate the end of wave A and the start of wave B.