The EUR/USD broke above the resistance trend line (dotted red) after making a bullish bounce around 1.1450. Could indicate a larger bullish retracement?
The EUR/USD is probably ready to build a larger wave B (purple) correction after completing wave A (purple) at the most recent low unless price manages to break below the bottom. A break of the bottom could indicate a downtrend and could price challenge 1.14 and then 1.13. A bullish move could see price head up towards the Fibonacci resistance.
The EUR/USD seems to have completed 5 waves (blue) within wave A (purple). A break above the resistance trend line (orange) could confirm the breakout. Price will find resistance at the Fibonacci retracement levels of wave B.