The EUR/USD bullish momentum is expanding the wave A (purple) via a bullish trend channel towards the round level of 1.1750. Price is however approaching a key 38.2% Fibonacci resistance zone near 1.1780, which is a decision zone for the EUR/USD.
The EUR/USD bearish reversal could indicate the end of wave A (purple) and a potential bearish retracement whereas a bullish breakout and continuation could see price move towards higher resistance levels.
The EUR/USD seems to be in a bullish wave 5 (blue) of a larger wave A (purple) as long as price stays above the support zones (green and blue lines) and key Fibonacci levels of wave 4 vs 3. A break below the support area could indicate a bigger bearish breakout.