The EUR/USD bullish momentum has been marked as a wave A (purple). A bullish continuation is likely if price stays above the previous bottom (green) or breaks above the resistance trend line (red).
The EUR/USD could use the Fibonacci levels of wave B vs A for a potential bullish bounce. The bullish breakout above the resistance trend line (orange) would confirm the potential wave C (purple) correction.
The EUR/USD is probably going to build a bearish ABC zigzag pattern within wave B (purple). The Fibonacci retracement levels of wave B vs A are expected to act as potential resistance and support levels for a move down first and then a move up.
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