the EUR/USD bearish price action remains intact as price sinks lower and lower. The EUR/USD is now approaching two support levels for a key bullish bounce or bearish breakout at a critical decision zone (blue lines).
The EUR/USD bearish breakout invalidates that bullish wave 1-2 (green) pattern and makes a bearish 123 (red) wave pattern more likely. The breakout will determine the next potential price swing, as indicated by the arrows. A bullish bounce and break aims for the 23.6% Fibonacci retracement level whereas a bearish breakout aims for the Fibonacci levels of wave 3 vs 1.
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Good trading, Chris Svorcik